March 13, 2019
Thomas P. Hutton presented, together with Fabrizio D’Uva of Pentegra, at the North Carolina Bankers Association 2019 Bank Directors Assembly on March 11, 2019. The presentation, entitled Lesser Known Issues in M&A Due Diligence and Transactions, focused on some of the lesser known issues that have become very important in mergers and acquisitions. These issues Include the “transfer for value” associated with Bank Owned Life Insurance and the possible tax issues for entities that acquire BOLI, compensation payments (including severance and supplemental benefits) that may no longer be deductible for tax purposes after the revisions to Internal Revenue Code Section 162(m) and the entry of credit unions into the M&A market for small banks.
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March 1, 2019
On February 27, 2019, Hometown Financial Group, MHC announced that Millbury Savings Bank, Millbury, Massachusetts, will merge into Hometown Financial Group’s subsidiary bankHometown, Oxford, Massachusetts. Upon completion of the merger, bankHometown will have over $1 billion in assets and 16 branches in central Massachusetts and northeastern Connecticut.
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February 19, 2019
Lawrence Spaccasi presented as part of a panel entitled “Should Your Savings Association Take Advantage of HOLA Flexibility?” at the 2019 ABA Conference for Community Bankers in San Diego on February 11, 2019. The panel discussed the proposed OCC rule which will allow federal savings associations to elect to operate and be regulated like national banks without changing their charters. The presentation focused on the pros and cons of the election and outstanding issues that should be addressed by the final rule.
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February 19, 2019
Thomas P. Hutton presented as part of a panel entitled “Benefits Programs that Engage the Best Employees” at the 2019 ABA Conference for Community Bankers in San Diego on February 12, 2019. The panel included discussions on ways of attracting and retaining top employees, including using student loan debt reduction plans, to retirement programs, to stock ownership programs.
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February 19, 2019
John J. Gorman is leading a discussion of the “Role of the Delaware Courts” at the NACD’s Battlefield to Boardroom program on February 21, 2019. This board development program is designed to prepare retired and soon-to-retire military flag and general officers to serve in the boardroom. As the recognized authority on leading boardroom practices, the NACD helps boards strengthen investor trust and public confidence by ensuring that today's directors are well prepared for tomorrow's challenges. John is a faculty member of the NACD, and served as a Commissioner on the 2016 Blue Ribbon Commission on Building the Strategic-Asset Board.
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