February 5, 2024
To our clients and friends:
Today we published Volume 2 of The Bankers’ Bulletin. You can find a copy of this edition here.
This volume covers recent CFPB proposed rules on overdraft and other fees, FRB and NYDFS enforcement actions for disclosure of confidential supervisory information, the Acting Comptroller’s thoughts on liquidity risk, changes to the bank agencies’ administrative processes, and notable developments related to national bank preemption and special purpose bank chartering.
If you have any questions related to any of the items covered in the Bulletin, please reach out to Brendan Clegg (bclegg@luselaw.com), Marc Levy (mlevy@luselaw.com), Agata Troy (atroy@luselaw.com), or your regular Firm contact. To learn more about our firm and services, please visit our website.
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February 9, 2023
We are pleased to announce that Luse Gorman, PC was again the No. 1 legal counsel in the nation for mutual-to-stock conversions and mutual holding company transactions, as reported by S&P Global Market Intelligence, for transactions completed in 2022. Luse Gorman was the legal advisor on more mutual-to-stock conversion and mutual holding company stock offerings in 2022 than all other law firms combined. Additionally, Luse Gorman has been the No. 1 ranked law firm for mutual-to-stock conversions and mutual holding company stock offerings each year for the past 20 years.
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February 8, 2023
On January 27, 2023, Bancorp 34, Inc., Scottsdale, Arizona, the holding company for Bank 34, completed the second round of a private offering for a total offering of $29.6 million of common stock and preferred stock that is convertible into non-voting common stock.
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February 8, 2022
On February 4, 2022, Third Century Bancorp, Franklin, Indiana, the holding company for Mutual Savings Bank, completed a private placement of $10.0 million of its 3.75% Fixed-to-Floating Rate Subordinated Notes due 2032.
Luse Gorman served as legal counsel to Third Century Bancorp in the offering. The Luse Gorman team consisted of Benjamin Azoff and Ellie Cook.
Luse Gorman has extensive experience representing issuers in public offerings and private placements of capital stock, debt, and other securities. To learn more about our Capital Markets and Corporate Finance practice, please visit our website.
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February 7, 2020
On February 5, 2020, Dime Community Bancshares, Inc. (“Dime”) completed an underwritten public offering of $75.0 million of its 5.50% Fixed-Rate Non-Cumulative Perpetual Preferred Stock, Series A, par value $0.01 per share, with a liquidation preference of $25.00 per share. Dime raised approximately $72.2 million in the offering, net of underwriting discounts and expenses.
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