June 5, 2020
On June 1, 2020, Melrose Bancorp, Inc., Melrose, Massachusetts, the holding company for Melrose Bank, successfully completed its merger with Cambridge Financial Group, Inc., Cambridge, Massachusetts, the holding company for Cambridge Savings Bank. With approximately $340 million in assets, Melrose Bank operated as a full-service community bank with its office located in Melrose, Massachusetts.
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June 2, 2020
On May 31, 2020, West End Bank, S.B., Richmond, Indiana, and its parent company, West End Indiana Bancshares, Inc., completed a purchase and assumption transaction with Three Rivers Federal Credit Union ("3Rivers"), Fort Wayne, Indiana, in which 3Rivers has acquired the assets and assumed the liabilities of West End Bank in an all-cash transaction. It is estimated that each West End Indiana Bancshares stockholder will receive between $35.00 and $37.00 per share of West End Indiana Bancshares common stock owned by such stockholder following the merger of West End Bank into West End Indiana Bancshares and the dissolution of West End Indiana Bancshares.
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May 29, 2020
To our clients and friends:
On May 23, 2020, the U.S. Small Business Administration ("SBA") issued two interim final rules (the “Interim Final Rules”) related to the forgiveness of loans originated under the SBA’s Paycheck Protection Program (the “PPP”). The first Interim Final Rule provides the requirements for loan forgiveness, which includes instructions for properly completing the PPP Loan Forgiveness Application for borrowers. The second Interim Final Rule describes the SBA’s procedures for reviewing PPP loan and forgiveness applications.
Our Alert summarizes both sets of Interim Final Rules, which are effective immediately. Yesterday, the House of Representatives passed a bipartisan bill that would change key PPP loan forgiveness provisions. The Senate has put forth a similar bill, but it has not yet passed. As a result, it is very likely that the Interim Final Rules will be further modified. We are closely monitoring these developments and will provide updates as appropriate.
Our Alert is available here.
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May 21, 2020
On April 17, 2020, Citizens Financial Services, Inc., Mansfield, Pennsylvania ("Citizens"), the holding company for First Citizens Community Bank, successfully completed its acquisition of MidCoast Community Bancorp, Inc., Wilmington, Delaware ("MidCoast"), the holding company for MidCoast Community Bank.
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May 18, 2020
On May 1, 2020, PB Bancorp, Inc., Putnam, Connecticut, the holding company for Putnam Bank, successfully completed its merger with Centreville Bank, West Warwick, Rhode Island. With $529.5 million in assets, PB Bancorp, Inc. operated eight full-service offices and one loan center in Connecticut.
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