July 28, 2026
To our clients and friends:
On June 30, 2026, the Federal Deposit Insurance Corporation (the “FDIC”) issued a notice of proposed rulemaking that would permit insured depository institutions that are state non-member banks to disclose confidential supervisory information with potential merger or acquisition partners without first obtaining FDIC authorization. Our Legal Update on this proposal can be found here.
Luse Gorman, PC regularly advises financial institutions on regulatory and compliance developments of, supervisory relationships with, enforcement actions from, and licensing applications to, the federal banking and credit union regulatory agencies. If you have any questions related to this Legal Update, please reach out to your usual firm contact.
To learn more about our firm and services, please visit our website.
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July 24, 2026
On July 21, 2026, Rhinebeck Bancorp, Inc., Poughkeepsie, New York, the holding company for Rhinebeck Bank, completed its conversion from the mutual holding company to the stock holding company form of organization and its related stock offering. A total of 8,880,210 shares of common stock were sold in the offering at a price of $10.00 per share.
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July 23, 2026
On July 20, 2026, Northfield Bancorp, Inc., Woodbridge, New Jersey, the holding company for Northfield Bank, completed its merger with and into Columbia Financial, Inc., Fair Lawn, New Jersey, the holding company for Columbia Bank. The aggregate merger consideration of $580 million consisted of 70% stock and 30% cash. The merger was part of the second-step conversion of Columbia Bank MHC, the mutual holding company parent for Columbia Bank, in which Columbia Financial, Inc. raised $1.67 billion of gross proceeds in its related stock offering.
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July 22, 2026
On July 21, 2026, Gesa Credit Union, Richland, Washington, announced that it had entered into a definitive agreement to acquire substantially all the assets and assume substantially all the liabilities of Willamette Valley Bank, Salem, Oregon, the wholly-owned subsidiary of Oregon Bancorp, Inc.
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July 9, 2026
On July 1, 2026, San Francisco Federal Credit Union (“SFFCU”), San Francisco, California, completed its purchase of substantially all the assets and assumption of substantially all the liabilities of Summit Bank, Oakland, California, the wholly-owned subsidiary of Summit Bancshares, Inc. Following the completion of the transaction, SFFCU has approximately $1.9 billion in assets and 10 banking locations across the San Francisco Bay Area.
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