January 31, 2024
To our clients and friends:
On January 22, the National Credit Union Administration issued a letter to credit union boards of directors and CEOs outlining its annual supervisory priorities and highlighting the areas it views as posing the highest risk to the credit union industry in 2024. Our Client Alert covers each of the identified priorities, discusses where the supervisory focus will be within each area this year, and identifies some ways for boards and management to get ahead before the next exam. Our Alert regarding the NCUA’s supervisory priorities is available here.
Luse Gorman routinely advises credit unions on compliance issues and regulatory questions, and counsels those institutions on the impacts of new developments at the federal and state level. To learn more about our firm and services, please visit our website.
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January 30, 2024
On January 25, 2024, Mid-Southern Bancorp, Inc. and its wholly-owned subsidiary, Mid-Southern Savings Bank, FSB, announced the signing of a definitive purchase and assumption agreement with Beacon Credit Union, pursuant to which Beacon Credit Union will acquire the assets and assume the liabilities of Mid-Southern Savings Bank, FSB in an all cash transaction.
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February 2, 2022
On January 28, 2022, Rosedale Federal Savings and Loan Association, Baltimore, Maryland, entered into a definitive merger agreement to acquire CBM Bancorp, Inc., Baltimore, Maryland, and its wholly owned subsidiary, Chesapeake Bank of Maryland. CBM Bancorp stockholders will receive $17.75 in cash per share of CBM Bancorp common stock. The total merger consideration is valued at approximately $64.4 million.
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January 31, 2022
Scott A. Brown and Lawrence M. F. Spaccasi presented “Advice and Counsel for Potential Sellers” at the 2019 BankDirector Acquire or Be Acquired Conference in Phoenix, Arizona. The session addressed advance planning steps that are critical for a successful M&A transaction from a seller’s perspective and focused on measures that can be taken well in advance of the commencement of negotiations to avoid surprises, manage expectations and maximize value.
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February 2, 2021
On February 1, 2021, Bridge Bancorp, Inc. ("Bridge"), Hauppauge, New York, the holding company for BNB Bank, successfully completed its merger of equals with Dime Community Bancshares, Inc. ("Dime"), Brooklyn, New York, the holding company for Dime Community Bank.
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