On December 16, 2022, Pentucket Bank Holdings, MHC, Haverhill, Massachusetts, and Newburyport Five Cents Bancorp, MHC, Newburyport, Massachusetts, announced their agreement to form a strategic partnership through the merger of Pentucket Bank Holdings, MHC and Newburyport Five Cents Bancorp, MHC. Newburyport Bank and Pentucket Bank, the bank subsidiaries of Newburyport Five Cents Bancorp, MHC and… Read more »
Posts By: tames
Luse Gorman is Legal Counsel to First Bank in its Proposed Acquisition of Malvern Bancorp, Inc. and Malvern Bank
On December 14, 2022, First Bank, Hamilton, New Jersey, announced the signing of a merger agreement with Malvern Bancorp, Inc. and Malvern Bank, Paoli, Pennsylvania, pursuant to which Malvern Bancorp, Inc. and Malvern Bank will merge with and into First Bank in a transaction valued at approximately $149.5 million. First Bank has approximately $2.6 billion… Read more »
Luse Gorman is Legal Counsel to Dort Financial Credit Union in its Proposed Acquisition of Flagler Bank
On December 12, 2022, Dort Financial Credit Union, Grand Blanc, Michigan, entered into a definitive agreement to acquire Flagler Bank, West Palm Beach, Florida. Dort Financial Credit Union serves more than 103,000 members, with assets over $1.4 billion and ten locations in Michigan. Flagler Bank has approximately $490 million in assets and currently operates four… Read more »
Luse Gorman Served as Legal Counsel to Univest Financial Corporation in its $50.0 Million Subordinated Debt Issuance
On November 15, 2022, Univest Financial Corporation, Souderton, Pennsylvania, the holding company for Univest Bank and Trust Co., completed the public offering of $50.0 million of 7.25% Fixed-to-Floating Rate Subordinated Notes due 2032 (the “Notes”). The Notes are intended to qualify as Tier 2 capital for regulatory purposes. Luse Gorman served as legal counsel to Univest Financial… Read more »
Newsletter – SEC Final Clawback Rules
To our clients and friends: The SEC recently adopted final rules directing the securities exchanges to establish listing standards requiring issuers to develop, implement and disclose executive compensation clawback policies. The new clawback requirements are in addition to the SEC’s current clawback rules, which remain in effect. Our Alert regarding the new rules is available… Read more »