On August 29, 2018, BayVanguard Bank and its parent company BV Financial, Inc., each of Baltimore, Maryland, entered into a merger agreement with Kopernik Bank, Baltimore, Maryland, pursuant to which Kopernik Bank will merge with and into BayVanguard Bank.
Read More...The Tax Cuts and Jobs Act, which became law on December 22, 2017, imposes a substantial new penalty tax on tax-exempt organizations, including federal and state-chartered credit unions, regarding certain types of “excessive” compensation paid to their covered employees. This new penalty tax is effective for the taxable years of the credit union beginning after December 31, 2017 and will likely have a significant impact on the design and administration of the executive compensation programs of many credit unions.
Read More...On August 16, 2018, Equitable Bancorp, MHC (“Equitable MHC”), East Weymouth, Massachusetts, the mutual bank holding company for Equitable Bank, and South Shore Mutual Holding Company (“South Shore MHC”), Weymouth, Massachusetts, the mutual bank holding company for Coastal Heritage Bank, announced their entry into a definitive merger agreement pursuant to which South Shore MHC will merge with and into Equitable MHC under the name Equitable Bancorp, MHC.
Read More...Enclosed is a link to an article that Eric Luse of our firm wrote for the American Banker explaining why the Federal Reserve Board’s dividend waiver rule is unworkable and unfair to mutual holding companies and public stockholders.
Read More...On August 6, 2018, Lawrence Spaccasi and John Gorman presented “Current Hot Topics for Financial Institutions” at the Annual Banking Forum in Atlantic City, New Jersey. Luse Gorman has been a long-time presenter at the Annual Banking Forum. Messrs. Spaccasi and Gorman led a discussion on evolving trends in community banking, including topics related to regulatory reform, mergers and acquisitions, SEC reporting and executive compensation matters.
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