April 18, 2024
To our clients and friends:
Jeff Cardone, Partner at Luse Gorman, recently authored an article for CEO Advisory Group titled “Dear Credit Unions: In this Challenging Environment, Careful Planning is Essential to Successfully Executing a Merger with Another Credit Union.” The article discusses keys to a successful credit union merger, including being united on key cultural and operational matters, having a thorough letter of intent and comprehensive merger agreement, and adequately planning for the regulatory approval process and member vote.
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April 18, 2024
On April 17, 2024, Johnson County Bank, Mountain City, Tennessee, announced it had signed a definitive merger agreement with Skyline Bankshares, Inc., Floyd, Virginia, pursuant to which Johnson County Bank will merge with and into Skyline National Bank in an all cash transaction valued at approximately $25.0 million.
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April 17, 2024
On April 1, 2024, Alive Credit Union, Jacksonville, Florida, successfully completed its merger with City & Police Federal Credit Union, Jacksonville, Florida. Alive Credit Union, as the continuing credit union, has approximately $282 million in assets on a combined basis following the merger.
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April 8, 2024
To our clients and friends:
Today we published Volume 4 of The Bankers’ Bulletin. You can find a copy of this edition here.
This volume covers recent lawsuits at the federal and state level related to the Corporate Transparency Act and interest rate caps, the FDIC’s proposed revisions to its bank merger policy, federal and state regulations and guidance on overdraft and late fees, and other developments regarding bank regulator supervision and application processes.
If you have any questions related to any of the items covered in the Bulletin, please reach out to Brendan Clegg (bclegg@luselaw.com), Marc Levy (mlevy@luselaw.com), Agata Troy (atroy@luselaw.com), or your regular Firm contact. To learn more about our firm and services, please visit our website.
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April 3, 2024
To our clients and friends:
On March 21, the FDIC proposed revisions to its Statement of Policy on Bank Merger Transactions, which are intended to provide guidance on how the agency reviews merger applications under the Bank Merger Act. Our Client Alert describes the most relevant aspects of the new policy statement and includes key takeaways that will be important for banks considering future merger and acquisition activity. Our Alert regarding the FDIC’s proposed changes to its policy statement process is available here.
Luse Gorman has acted as counsel on more than 100 bank M&A transactions during the past five years and more bank M&A transactions than any other law firm in the nation over the past 20 years. Luse Gorman regularly works with federal and state banking agencies to seek regulatory approval for business transactions, including mergers and acquisitions, and routinely handles complex and novel legal questions on behalf of its clients as they arise. To learn more about our firm and services, please visit our website.
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