On October 3, 2024, OneAZ Credit Union (“OneAZ”), Phoenix, Arizona, announced that it had entered into a definitive agreement to acquire substantially all the assets and assume substantially all the liabilities of 1st Bank Yuma, Yuma, Arizona, the wholly-owned subsidiary of Western Arizona Bancorp, Inc.
Read More...On October 1, 2024, Brendan Clegg presented on key bank regulatory and enforcement updates at the 2024 North Carolina Management Forum in Greensboro, North Carolina. The session focused on recent landmark decisions by the Supreme Court that will affect bank relationships with their supervisors, as well as new merger policy statements from the FDIC and OCC, proposed rules related to brokered deposits and bank-fintech partnerships, and pending BSA/AML regulatory changes. Brendan then moderated a panel comprised of senior examination staff from the OCC, FDIC, and Federal Reserve Bank of Richmond, discussing a variety of supervisory and examination hot topics.
Read More...On September 20, 2024, Midland Capital Holdings Corporation, the holding company of Midland Federal Savings and Loan Association, a federal savings and loan association headquartered in Bridgeview, Illinois, completed its merger with Midfed Acquisition Corp., a corporation headed by experienced bank executives and investors. The Luse Gorman team consisted of Kip Weissman, Steve Lanter and Max Seltzer.
Read More...On September 20, 2024, Scott A. Brown participated in the State and Federal Legislative and Regulatory Update panel at the Connecticut Bankers Association 2024 Annual Conference in Colorado Springs, Colorado. The session focused on certain current federal matters impacting community banks, including a summary of recent Supreme Court cases, the current mergers and acquisitions landscape and the FTC’s ban on non-competition agreements.
Read More...On September 23, 2024, Generations Bancorp NY, Inc. and its wholly owned subsidiary, Generations Bank, announced the signing of a definitive purchase and assumption agreement with ESL Federal Credit Union, pursuant to which ESL Federal Credit Union will acquire the assets and assume the liabilities of Generations Bank in an all-cash transaction. Following the completion of the acquisition, Generations Bancorp NY, Inc. will settle its remaining obligations and distribute its remaining cash to its shareholders.
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