To our clients and friends: Item 402(x) of Regulation S-K, promulgated as part of the SEC’s final rule on insider trading arrangements, is effective today. Item 402(x) will require additional narrative disclosure of internal policies and practices governing the timing of stock option grants, as well additional tabular disclosure if stock option grants are made… Read more »
Posts By: tames
Luse Gorman is Legal Counsel to Hometown Financial Group in its Proposed Acquisition of North Shore Bancorp
On February 15, 2024, Hometown Financial Group, Inc., the holding company for bankESB, bankHometown, and Abington Bank, and North Shore Bancorp, the holding company for North Shore Bank, announced their agreement for North Shore Bank to become a wholly-owned subsidiary of Hometown Financial Group and merge with Abington Bank, with North Shore Bank as the… Read more »
Alert – OCC Bank Merger Policy
To our clients and friends: On January 29, the OCC proposed a rule to amend its procedures for evaluating bank mergers and to incorporate a policy statement summarizing the principles the agency will use when it reviews proposed bank mergers going forward. Out Client Alert describes the most relevant procedural changes and significant aspects of… Read more »
Luse Gorman is Legal Counsel to Empeople Credit Union in its Proposed Acquisition of TSB Bank
On February 7, 2024, Empeople Credit Union, Moline, Illinois, announced that it had entered into a purchase and assumption agreement with TSB Bank, Lomira, Wisconsin. Pursuant to the agreement, Empeople Credit Union will purchase substantially all assets and assume substantially all liabilities of TSB Bank. Following the completion of the transaction, TSB Bank will dissolve… Read more »
Luse Gorman Served as Legal Counsel to Oconee Federal Savings and Loan Association in its Acquisition of Mutual Savings Bank
On January 31, 2024, Oconee Federal Savings and Loan Association (“Oconee Federal”), Seneca, South Carolina, completed its acquisition of Mutual Savings Bank, Hartsville, South Carolina. In addition, Oconee Federal’s holding company, Oconee Federal Financial Corp., issued $3.2 million of stock to its mutual holding company parent, Oconee Federal, MHC, as consideration for the transaction based… Read more »