December 4, 2019
On December 3, 2019, RSB Bancorp, MHC, Roselle, New Jersey, the mutual holding company of RSB Bancorp, Inc. and Roselle Bank, and Columbia Bank, MHC, Fair Lawn, New Jersey, the mutual holding company of Columbia Financial, Inc. and Columbia Bank, announced the signing of a definitive merger agreement pursuant to which RSB Bancorp, MHC will merge with and into Columbia Bank, MHC with Columbia Bank, MHC as the resulting company.
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December 3, 2019
To our clients and friends:
The Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the Office of the Comptroller of the Currency and the Financial Crimes Enforcement Network, in consultation with the Conference of State Bank Supervisors, issued a joint statement today clarifying the legal status of hemp and the relevant Bank Secrecy Act (BSA) requirements applicable when providing financial services to these customers (the “Joint Statement”).
Our Alert, which summarizes the key provisions of the Joint Statement, is available here.
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December 2, 2019
Gary Lax and Jeff Cardone presented at Crowe’s 2019 Financial Services Conference on November 22, 2019 in New York City. The presentation titled “Hot Topics” focused on compensation and M&A trends and regulatory developments impacting financial institutions.
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December 2, 2019
Jeff Cardone presented at M&T Bank’s and The Bonadio Group’s 2019 Financial Institutions Seminar on November 12 and November 13, 2019 in Syracuse and Albany, NY. The presentation titled “Next Steps – Different Alternatives to Raise Capital, Merge, Acquire or Be Acquired” discussed different capital alternatives for community banks, including the new Community Bank Leverage Ratio, and emerging trends with respect to community bank M&A transactions.
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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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