March 27, 2020
In light of the impact of the coronavirus (COVID-19) pandemic on public reporting companies, on March 25, 2020, the Securities and Exchange Commission issued an order allowing public companies, subject to certain conditions, a 45-day extension to file certain periodic reports that would otherwise have been due between March 1 and July 1, 2020. On the same date, the SEC’s Division of Corporation Finance issued guidance regarding its views on disclosure and other securities law obligations that companies should consider with respect to the impact of COVID-19.
Our Alert, which summarizes the steps required for companies to avail themselves of the delayed filing deadline and the SEC’s guidance on disclosure related to the COVID-19 pandemic and related business and market disruptions, is available here
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March 23, 2020
To our clients and friends:
Many companies are evaluating how best to hold their upcoming annual shareholder meetings in light of the health risks posed by COVID-19. For companies contemplating holding a virtual annual meeting, our alert, which is available here, provides legal and practical considerations.
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March 11, 2020
Jeff Cardone and Scott Brown presented at the Illinois Bankers Association’s The One Conference on March 5, 2020. Cybersecurity, vendor management and BSA have been of increased focus of the regulators. The presentation, titled “Operational Enterprise Risk Management Hot Topics” discussed the importance of having a strong corporate governance framework and best practices for boards and senior management to deal with evolving cybersecurity, vendor management and BSA issues.
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March 6, 2020
On March 6, 2020, Carroll Bancorp, Inc., Eldersburg, Maryland, the holding company for Carroll Community Bank, a Maryland-chartered bank, and Farmers and Merchants Bancshares, Inc., Hampstead, Maryland, the holding company for Farmers and Merchants Bank, a Maryland-chartered bank, announced the signing of a definitive merger agreement pursuant to which Carroll Bancorp will merge with and into Farmers and Merchants Bancshares, with Farmers and Merchants Bancshares as the resulting company.
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March 3, 2020
Jeff Cardone presented at the Florida Bankers Association’s Asset Liability Management Conference on January 31, 2020 in Orlando, Florida. The presentation titled “Capital Planning in 2020 – Key Considerations for Bank Executives” focused on best practices for community banks with respect to raising capital, including an update on the new community bank leverage ratio, strategic capital planning matters and how to approach capital management, and succession planning and defensive capital planning options.
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