Alert – Federal Court Strikes Down FTC’s Ban on Non-Compete Agreements

August 21, 2024

To our clients and friends:

On August 20, 2024, the U.S. District Court for the Northern District of Texas issued a ruling which set aside the Federal Trade Commission’s final rule that would have banned certain non-compete agreements between an employer and an employee.

Our Alert regarding the court’s decision on non-compete agreements is available here.

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Luse Gorman is Legal Counsel to U.S. Eagle Federal Credit Union in its Proposed Acquisition of Southwest Capital Bank

August 20, 2024

On August 16, 2024, U.S. Eagle Federal Credit Union (“U.S. Eagle”), Albuquerque, New Mexico, announced that it had entered into a definitive agreement to acquire substantially all the assets and assume substantially all the liabilities of Southwest Capital Bank, Albuquerque, New Mexico, the wholly-owned subsidiary of Las Vegas Bancorporation, Inc.

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Luse Gorman Served as Legal Counsel to Fifth District Savings Bank in its Conversion and Related $54.5 Million Stock Offering

August 1, 2024

On July 31, 2024, Fifth District Savings Bank, New Orleans, Louisiana, completed its conversion from the mutual to stock form of organization. Concurrently, Fifth District Bancorp, Inc., the newly formed holding company for Fifth District Savings Bank, completed its initial public offering by selling 5,459,473 shares of its common stock at $10.00 per share, and also issued 100,000 shares of its common stock to The Fifth District Community Foundation, Inc. Fifth District Bancorp’s common stock is traded on the Nasdaq Capital Market under the symbol “FDSB”.

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