October 24, 2024
On October 22, 2024, Fidelity Bank, New Orleans, Louisiana, completed its conversion from the mutual to stock form of organization. Concurrently with the conversion, FB Bancorp, Inc. (“FB Bancorp”), the newly formed holding company for Fidelity Bank, completed its initial public offering by selling 19,837,500 shares of its common stock at $10.00 per share. FB Bancorp’s common stock trades on the Nasdaq Capital Market under the symbol “FBLA.”
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October 9, 2024
On October 1, 2024, Arlo Financial Holdings, Inc., a newly formed Missouri corporation, completed its merger with Systematic Savings Bank, thereby becoming its registered bank holding company and changing the name of the bank to Arlo Bank. The Luse Gorman team consisted of Steven Lanter, Ben Azoff and Brendan Saxon.
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October 8, 2024
On September 30, 2024, River Run Bancorp, MHC, Newburyport, Massachusetts, announced the signing of a definitive merger agreement with Rollstone Bancorp, MHC, Fitchburg, Massachusetts, pursuant to which Rollstone Bancorp, MHC, the mutual holding company of Rollstone Bank & Trust, Fitchburg, Massachusetts, will merge with and into River Run Bancorp, MHC. As part of the transaction, Rollstone Bank & Trust will become the third bank subsidiary of River Run Bancorp, MHC, the mutual holding company parent for Newburyport Bank and Pentucket Bank.
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October 8, 2024
On October 4, 2024, Scott A. Brown presented at the Blue Rock Conference in Plymouth, Massachusetts. The session focused on the current mergers and acquisitions landscape, especially related to mutual holding company transactions, a summary of recent Supreme Court cases and its impact on community banks and the FTC’s proposed ban on non-competition agreements.
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October 7, 2024
To our clients and friends:
Today we published Volume 10 of The Bankers’ Bulletin. You can find a copy of this edition here.
In this volume, we cover the FDIC and OCC’s final merger policy statements, the FDIC’s proposed rule on account reconciliation, CFPB guidance on overdraft record retention, FRB Vice Chair Barr’s preview of future liquidity regulations, California’s statute banning NSF fees, and more.
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