On August 5, 2020, Univest Financial Corporation, Souderton, Pennsylvania, the holding company for Univest Bank and Trust Co., successfully completed the public offering of $100.0 million of its 5.00% Fixed-to-Floating Rate Subordinated Notes due 2030 (the “Notes”). The Notes are intended to qualify as Tier 2 capital for regulatory purposes. Luse Gorman served as legal… Read more »
Posts By: tames
Luse Gorman Served as Legal Counsel to Bristol County Savings Bank in its Completed Acquisition of Freedom National Bank
On July 31, 2020, Bristol County Savings Bank, Taunton, Massachusetts, completed its acquisition of Freedom National Bank, Greenville, Rhode Island. Bristol County Savings Bank is a full-service banking institution with approximately $2.8 billion in total assets. Bristol County Savings Bank currently operates 18 full-service branch offices in Massachusetts and Rhode Island. Luse Gorman served as… Read more »
Luse Gorman Served as Legal Counsel to Provident Financial Services, Inc. in its Completed Acquisition of SB One Bancorp
On July 31, 2020, Provident Financial Services, Inc., Jersey City, New Jersey (“Provident”), the holding company for Provident Bank, completed its acquisition of SB One Bancorp, Paramus, New Jersey (“SB One”), the holding company for SB One Bank. Each share of SB One common stock was exchanged for 1.357 shares of Provident common stock. The… Read more »
Luse Gorman is Legal Counsel to First Federal Bank of Wisconsin in its Proposed Acquisition of Mitchell Bank
On July 28, 2020, First Federal Bank of Wisconsin, a federally chartered stock savings bank and the wholly owned banking subsidiary of FFBW, Inc., Brookfield, Wisconsin (Nasdaq: FFBW), and Mitchell Bank, a Wisconsin commercial bank located in Milwaukee, Wisconsin, announced the signing of a definitive Purchase and Assumption Agreement pursuant to which First Federal Bank… Read more »
ALERT – Federal Reserve Board Clarifies Policies/Timing on Review of Dividends
To our clients and friends: The Federal Reserve recently supplemented its guidance on the payment of dividends by bank and savings and loan holding companies, particularly when a proposed dividend exceeds earnings for the period for which the dividend is being paid. Our Alert regarding this further guidance is available here.