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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June 5, 2020
On June 1, 2020, Melrose Bancorp, Inc., Melrose, Massachusetts, the holding company for Melrose Bank, successfully completed its merger with Cambridge Financial Group, Inc., Cambridge, Massachusetts, the holding company for Cambridge Savings Bank. With approximately $340 million in assets, Melrose Bank operated as a full-service community bank with its office located in Melrose, Massachusetts.
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June 2, 2020
On May 31, 2020, West End Bank, S.B., Richmond, Indiana, and its parent company, West End Indiana Bancshares, Inc., completed a purchase and assumption transaction with Three Rivers Federal Credit Union ("3Rivers"), Fort Wayne, Indiana, in which 3Rivers has acquired the assets and assumed the liabilities of West End Bank in an all-cash transaction. It is estimated that each West End Indiana Bancshares stockholder will receive between $35.00 and $37.00 per share of West End Indiana Bancshares common stock owned by such stockholder following the merger of West End Bank into West End Indiana Bancshares and the dissolution of West End Indiana Bancshares.
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