On April 17, 2020, Citizens Financial Services, Inc., Mansfield, Pennsylvania ("Citizens"), the holding company for First Citizens Community Bank, successfully completed its acquisition of MidCoast Community Bancorp, Inc., Wilmington, Delaware ("MidCoast"), the holding company for MidCoast Community Bank.
Read More...On May 1, 2020, PB Bancorp, Inc., Putnam, Connecticut, the holding company for Putnam Bank, successfully completed its merger with Centreville Bank, West Warwick, Rhode Island. With $529.5 million in assets, PB Bancorp, Inc. operated eight full-service offices and one loan center in Connecticut.
Read More...To our clients and friends:
On May 13, 2020, the U.S. Small Business Administration ("SBA"), in consultation with the U.S. Department of the Treasury, updated their Frequently Asked Questions Memorandum (the “FAQ”) concerning the Paycheck Protection Program (the "PPP"). Most significantly, the FAQ: (1) clarifies that a safe harbor is provided regarding the SBA’s review of borrower necessity certifications of PPP loan requests of $2.0 million or less; and (2) notes that the PPP amnesty provision that would allow borrowers to repay their PPP loans in full without penalty upon the determination that their necessity certifications are no longer valid was extended to May 18, 2020.
Our Alert is available here.
Read More...On May 1, 2020, FSB Bancorp, Inc., Fairport, New York, the holding company for Fairport Savings Bank, successfully completed its merger with Evans Bancorp, Inc., Hamburg, New York, the holding company for Evans Bank. With $323.3 million in assets, FSB Bancorp, Inc. operated five full-service offices in the greater Rochester metropolitan area.
Read More...Luse Gorman, PC is pleased to announce that in 2019 we were the No. 1 legal advisor in the nation for common stock offerings by financial institutions, as reported by S&P Global Market Intelligence. Luse Gorman completed almost one-third of all stock offerings by financial institutions in 2019, three times more than any other legal advisor. We served as issuer’s counsel in connection with a range of equity offerings, including firm commitment IPOs and private placements of common equity. This was the 14th consecutive year that Luse Gorman was ranked among the top 3 law firms with respect to common stock offerings by financial institutions.
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