On January 1, 2022, BayVanguard Bank, Edgemere, Maryland, completed its acquisition of North Arundel Savings Bank, Pasadena, Maryland. As part of the acquisition, BV Financial, Inc., the mid-tier holding company of BayVanguard Bank, issued 251,004 shares of its common stock to Bay-Vanguard, M.H.C., BayVanguard Bank’s mutual holding company parent. On a combined basis, BayVanguard Bank… Read more »
Posts By: tames
Luse Gorman Served as Legal Counsel to First Financial Credit Union in its $2.0 Million Secondary Capital Issuance
On December 29, 2021, First Financial Credit Union, Skokie, Illinois completed a private placement of $2.0 million of its 4.25% fixed rate subordinated notes due January 1, 2032. The subordinated notes are intended to qualify as secondary capital under NCUA rules. Luse Gorman served as legal counsel to First Financial Credit Union in the offering…. Read more »
NCUA Issues Final Rule on Subordinated Debt
On December 17, 2020, the NCUA adopted a final rule expanding access to subordinated debt and modifying the NCUA’s existing secondary capital rules for low-income designated credit unions.
Luse Gorman Served as Legal Counsel to CB Financial Services, Inc. in its $15.0 Million Subordinated Debt Issuance
On December 10, 2021, CB Financial Services, Inc., Carmichaels, Pennsylvania, the holding company for Community Bank, completed a private placement of $15.0 million of its 3.875% Fixed-to-Floating Rate Subordinated Notes due 2031. Luse Gorman served as legal counsel to CB Financial Services, Inc., in the offering. The Luse Gorman team consisted of Larry Spaccasi, Victor… Read more »
SEC Adopts Rules Requiring Universal Proxy Cards for Contested Director Elections
To our clients and friends: The SEC has adopted new rules relating to the required use of a universal proxy card in a director election contest. The new rules go into effect with respect to any shareholder meeting held after August 31, 2022. Our Alert regarding the new rules is available here.