It is with a collective heavy heart that we inform you of the passing of our partner and the founder of our firm, Eric Luse, after a ten-year battle with cancer. Over the course of his 40 plus years of legal practice, Eric was a tireless advocate for the community banking industry and a trusted… Read more »
Posts By: tames
Luse Gorman is Legal Counsel to BV Financial, Inc. in Its Proposed Merger with Delmarva Bancshares, Inc.
On June 17, 2020, BV Financial, Inc., Edgemere, Maryland, the holding company for BayVanguard Bank, and Delmarva Bancshares, Inc., Cambridge, Maryland, the holding company for 1880 Bank, entered into a definitive merger agreement, pursuant to which Delmarva Bancshares will merge with and into BV Financial, with BV Financial as the resulting company. Delmarva Bancshares shareholders… Read more »
Alert – SBA issues new interim final rule implementing changes to the PPP by the Paycheck Protection Program Flexibility Act
To our clients and friends: On June 11, 2020, the U.S. Small Business Administration (“SBA”) issued an interim final rule (the “Interim Final Rule”) implementing the changes made to the SBA’s Paycheck Protection Program (the “PPP”) by the Paycheck Protection Program Flexibility Act of 2020 (the “PPP Flexibility Act”). The PPP Flexibility Act changed many… Read more »
Luse Gorman Served as Legal Counsel to New Buffalo Savings Bank in its Completed Acquisition by Teachers Credit Union
On June 5, 2020, New Buffalo Savings Bank, New Buffalo, Michigan, and its parent company, New Bancorp, Inc., completed a purchase and assumption transaction with Teachers Credit Union (“TCU”), South Bend, Indiana, in which TCU has acquired substantially all the assets and assumed substantially all the liabilities of New Buffalo and New Bancorp in an… Read more »
OCC Final Rule on Permissible Interest on Transferred Loans
To our clients and friends: The Office of the Comptroller of the Currency (“OCC”) recently issued a final rule clarifying that when a national bank or federal savings association transfers a loan, the interest rate permissible before the transfer continues to be permissible after transfer. The final rule applies to national banks and federal savings… Read more »