Alert – SBA Payment Protection Program – Interim Final Rules – Loan Forgiveness

Posted by & filed under Industry Alerts & Publications.

To our clients and friends: On May 23, 2020, the U.S. Small Business Administration (“SBA”) issued two interim final rules (the “Interim Final Rules”) related to the forgiveness of loans originated under the SBA’s Paycheck Protection Program (the “PPP”). The first Interim Final Rule provides the requirements for loan forgiveness, which includes instructions for properly… Read more »

Luse Gorman Acts as Counsel to North Shore Bank in its Proposed Merger with Layton State Bank

Posted by & filed under Transactions.

On June 30, 2016, North Shore Bank, FSB, Brookfield, Wisconsin, entered into a definitive agreement to acquire Layton Park Financial Group, Inc., West Allis, Wisconsin, and its wholly owned subsidiary, Layton State Bank. Luse Gorman served as legal counsel to North Shore Bank in the transaction.  The Luse Gorman team consisted of Eric Luse, Ned… Read more »

Luse Gorman Acts as Counsel to Lincoln Park Bancorp in its Subordinated Note Issuance

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On June 24, 2016, Lincoln Park Bancorp, Lincoln Park, NJ completed a private issuance of a $5 million, fixed-rate subordinated term note to a qualified institutional investor.  The note is intended to qualify as Tier 2 capital under the Federal Reserve Board’s regulatory capital guidelines.  The note matures on July 1, 2026, unless prepaid earlier…. Read more »