June 29, 2020
It is with a collective heavy heart that we inform you of the passing of our partner and the founder of our firm, Eric Luse, after a ten-year battle with cancer. Over the course of his 40 plus years of legal practice, Eric was a tireless advocate for the community banking industry and a trusted advisor to management teams and boards of directors of community banks across the country. He will forever be associated in the mutual banking industry as the father and patron saint of the mutual holding company structure, which has enabled so many community banks to thrive and prosper. His attitude toward work and life in the face of his own personal health adversity could serve as a role model for all - he never dwelled on his own misfortune and continued to engage, lead and advise as always and with his usual tenacity and passion.
His dedication to the firm and the practice of law was second only to his dedication to his family. Eric is survived by his wife of 43 years, Susan, three children and three grandchildren. He loved his family deeply.
Eric’s greatest legacy will be the firm that he played such a critical role in shaping and developing during the past 27 years. Due to Eric’s vision and leadership, Luse Gorman is the premier community banking law firm in the country today, representing community banks and holding companies from Maine to Florida, east coast to west coast, Alaska and Hawaii and the Mid-West in between. We work with more than 350 financial institutions and their holding companies, public and private, mutual and stock, and no firm knows better than we do on a real-time basis the issues facing community banks. Eric’s guiding philosophy for our firm was for us to be not just a legal advisor to, but to become a strategic and valued partner with, our clients. We never will lose sight of the high standards Eric set for the firm – provide quality and timely service; understand the unique needs of each client; provide practical and understandable advice; and always place the interests of the client first. These standards have enabled our success and will continue to guide our performance in years to come.
We thank Eric for his vision and service and we will forever miss him.
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June 18, 2020
On June 17, 2020, BV Financial, Inc., Edgemere, Maryland, the holding company for BayVanguard Bank, and Delmarva Bancshares, Inc., Cambridge, Maryland, the holding company for 1880 Bank, entered into a definitive merger agreement, pursuant to which Delmarva Bancshares will merge with and into BV Financial, with BV Financial as the resulting company. Delmarva Bancshares shareholders will receive $8.90 in cash per share of Delmarva Bancshares common and preferred stock. The total merger consideration is valued at approximately $54.0 million.
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June 17, 2020
To our clients and friends:
On June 11, 2020, the U.S. Small Business Administration (“SBA”) issued an interim final rule (the “Interim Final Rule”) implementing the changes made to the SBA’s Paycheck Protection Program (the “PPP”) by the Paycheck Protection Program Flexibility Act of 2020 (the “PPP Flexibility Act”). The PPP Flexibility Act changed many aspects of the PPP; most significantly extending the covered period for loan forgiveness purposes, lowering the amount required to be spent on payroll costs, extending the loan term to maturity period and revising the loan deferral period.
Our Alert summarizes key provisions of the Interim Final Rule and is available here.
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June 9, 2020
On June 5, 2020, New Buffalo Savings Bank, New Buffalo, Michigan, and its parent company, New Bancorp, Inc., completed a purchase and assumption transaction with Teachers Credit Union ("TCU"), South Bend, Indiana, in which TCU has acquired substantially all the assets and assumed substantially all the liabilities of New Buffalo and New Bancorp in an all-cash transaction.
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June 9, 2020
To our clients and friends:
The Office of the Comptroller of the Currency (“OCC”) recently issued a final rule clarifying that when a national bank or federal savings association transfers a loan, the interest rate permissible before the transfer continues to be permissible after transfer. The final rule applies to national banks and federal savings associations and is effective on August 3, 2020. The Federal Deposit Insurance Corporation previously issued a substantively similar proposed rule as to state banks and is likely to follow the OCC in issuing the rule in final.
Our Alert is available here.
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