November 18, 2019
On October 29, 2019, the Board of Governors of the Federal Reserve System, the Office of the Comptroller of the Currency and the Federal Deposit Insurance Corporation (the “Federal Agencies”) adopted a final rule to simplify the regulatory capital requirements for eligible community banks and holding companies that opt into the community bank leverage ratio framework (“CBLR framework”), as required by Section 201 of the Economic Growth, Relief and Consumer Protection Act of 2018. The final rule will be effective as of January 1, 2020.
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October 31, 2019
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October 30, 2019
On October 29, 2019, Northwest Bancshares, Inc. (“Northwest”), Warren, Pennsylvania, and MutualFirst Financial, Inc. (“MutualFirst”), Muncie, Indiana, the holding company of MutualBank, entered into a definitive merger agreement pursuant to which MutualFirst will merge with and into Northwest, with Northwest as the resulting company.
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October 28, 2019
Jeff Cardone presented at the Wisconsin Bankers Association’s Directors Summit on October 15, 2019 in Madison, Wisconsin. The presentation titled “Corporate Governance Hot Topics” focused on strategic planning best practices for community bank boards and senior management related to capital planning and mergers and acquisitions and also discussed recent regulatory developments, including the community bank leverage ratio final rule issued by the FDIC and the SAFE Banking Act related to banking cannabis-related businesses.
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October 24, 2019
On October 22, 2019, PB Bancorp, Inc., Putnam, Connecticut, the holding company for Putnam Bank, a Connecticut-chartered stock savings bank, and Centreville Bank, West Warwick, Rhode Island, a Rhode Island-chartered mutual savings bank, announced the signing of a definitive merger agreement pursuant to which Centreville Bank will acquire PB Bancorp and Putnam Bank, with Centreville Bank as the surviving institution.
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