September 28, 2020
The Securities and Exchange Commission recently adopted new rules to update its statistical disclosure requirements for banking registrants, including domestic and foreign bank holding companies, banks, savings and loan holding companies, and savings and loan associations. The rules are contained in a new Item 1400 of Regulation S-K and will replace Industry Guide 3, Statistical Disclosure by Bank Holding Companies. These changes represent the first updates to Guide 3 in more than 30 years. Our Alert regarding this release is available here.
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September 28, 2020
On September 24, 2020, Orange County Bancorp, Inc., Middletown, New York, the holding company for Orange Bank & Trust Company, successfully completed a private placement of $20.0 million of its 4.25% Fixed-to-Floating Rate Subordinated Notes due 2030 (the "Notes"). The Notes are intended to qualify as Tier 2 capital for regulatory purposes.
Luse Gorman served as legal counsel to Orange County Bancorp, Inc. in the offering. The Luse Gorman team consisted of Benjamin Azoff, Jeffrey Cardone and Ellie Cook.
Luse Gorman has extensive experience representing issuers in public offerings and private placements of capital stock, debt, and other securities. To learn more about our Capital Markets and Corporate Finance practice, please visit our website.
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September 25, 2020
On September 23, 2020, Heritage State Bank, an Illinois-chartered commercial bank and wholly owned subsidiary of HBancorporation, Inc., Lawrenceville, Illinois, announced the signing of a definitive merger agreement with The First National Bank of Carmi, a national banking association and wholly owned subsidiary of Southern Illinois Bancorp, Inc., Carmi, Illinois, pursuant to which Heritage State Bank will merge with and into The First National Bank of Carmi.
Luse Gorman is serving as legal counsel to Heritage State Bank in the transaction. The Luse Gorman team consists of Gary A. Lax, Michael J. Brown and Max Seltzer.
Luse Gorman has served as counsel on more than 100 financial institution mergers and acquisitions during the past five years, which is more than any other legal advisor during that time period. To learn more about our mergers and acquisitions practice, please visit our website.
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September 21, 2020
On September 17, 2020, Greene County Bancorp, Inc., Catskill, New York, the holding company for The Bank of Greene County, successfully completed a private placement of $20.0 million of its 4.75% Fixed-to-Floating Rate Subordinated Notes due 2030 (the "Notes"). The Notes are intended to qualify as Tier 2 capital for regulatory purposes.
Luse Gorman served as legal counsel to Greene County Bancorp, Inc. in the offering. The Luse Gorman team consisted of Steven Lanter, Michael Brown and Ellie Cook.
Luse Gorman has extensive experience representing issuers in public offerings and private placements of capital stock, debt, and other securities. To learn more about our Capital Markets and Corporate Finance practice, please visit our website.
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September 17, 2020
To our clients and friends:
The SEC recently issued a release revising certain disclosure requirements for periodic reports and registration statements filed with the SEC. Our Alert regarding this release is available here.
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