ALERT – Federal Reserve Board Clarifies Policies/Timing on Review of Dividends
To our clients and friends:
The Federal Reserve recently supplemented its guidance on the payment of dividends by bank and savings and loan holding companies, particularly when a proposed dividend exceeds earnings for the period for which the dividend is being paid. Our Alert regarding this further guidance is available here.
Read More...ALERT – SEC Supplements Guidance Regarding COVID-19 Disclosure
To our clients and friends:
The SEC recently supplemented its previous guidance for public companies regarding disclosure related to COVID-19 in filings made with the SEC. Our Alert regarding this supplemental guidance is available here.
Read More...Luse Gorman Served as Legal Counsel to Kearny Financial Corp. in its Completed Acquisition of MSB Financial Corp.
On July 10, 2020, Kearny Financial Corp., Fairfield, New Jersey (“Kearny”), the holding company for Kearny Bank, completed its acquisition of MSB Financial Corp., Millington, New Jersey (“MSB”), the holding company for Millington Bank. MSB stock was exchanged for a mix of 90% Kearny stock and 10% cash. The transaction was subject to the approval of the FDIC, the New Jersey Department of Banking and Insurance and the stockholders of MSB.
Read More...Alert – SBA extends PPP until August 8 and issues new interim final rule related to the loan forgiveness requirements of the PPP
To our clients and friends:
On July 4, 2020, the Paycheck Protection Program Extension Act was signed into law, which extended from June 30, 2020 to August 8, 2020 the deadline to apply for a loan under the U.S. Small Business Administration’s (“SBA”) Paycheck Protection Program (“PPP”). The SBA has an estimated $130 billion remaining in the PPP.
The SBA also recently issued an interim final rule (the “Interim Final Rule”), which amends the SBA’s previously issued interim final rules on PPP loan forgiveness to incorporate certain provisions of the Paycheck Protection Program Flexibility Act of 2020 signed into law on June 5, 2020.
Our Alert summarizes the changes to the loan forgiveness requirements of the PPP implemented by the Interim Final Rule and is available here.
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