Luse Gorman Served as Legal Counsel to Kearny Financial Corp. in its Completed Acquisition of MSB Financial Corp.

July 14, 2020

On July 10, 2020, Kearny Financial Corp., Fairfield, New Jersey (“Kearny”), the holding company for Kearny Bank, completed its acquisition of MSB Financial Corp., Millington, New Jersey (“MSB”), the holding company for Millington Bank. MSB stock was exchanged for a mix of 90% Kearny stock and 10% cash. The transaction was subject to the approval of the FDIC, the New Jersey Department of Banking and Insurance and the stockholders of MSB.


Alert – SBA extends PPP until August 8 and issues new interim final rule related to the loan forgiveness requirements of the PPP

July 8, 2020

To our clients and friends:
On July 4, 2020, the Paycheck Protection Program Extension Act was signed into law, which extended from June 30, 2020 to August 8, 2020 the deadline to apply for a loan under the U.S. Small Business Administration’s (“SBA”) Paycheck Protection Program (“PPP”). The SBA has an estimated $130 billion remaining in the PPP.

The SBA also recently issued an interim final rule (the “Interim Final Rule”), which amends the SBA’s previously issued interim final rules on PPP loan forgiveness to incorporate certain provisions of the Paycheck Protection Program Flexibility Act of 2020 signed into law on June 5, 2020.

Our Alert summarizes the changes to the loan forgiveness requirements of the PPP implemented by the Interim Final Rule and is available here.


Luse Gorman is Legal Counsel to Bridge Bancorp, Inc. in Its Proposed Merger of Equals with Dime Community Bancshares, Inc.

July 7, 2020

On July 1, 2020, Bridge Bancorp, Inc., Bridgehampton, New York, the holding company for BNB Bank, and Dime Community Bancshares, Inc., Brooklyn, New York, the holding company for Dime Community Bank, entered into a definitive merger agreement, pursuant to which Dime Community Bancshares will merge with and into Bridge Bancorp, with Bridge Bancorp as the resulting company operating under the Dime name, in a merger of equals transaction.


In Memoriam – Eric Luse

June 29, 2020

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 advisor to management teams and boards of directors of community banks across the country. He will forever be associated in the mutual banking industry as the father and patron saint of the mutual holding company structure, which has enabled so many community banks to thrive and prosper. His attitude toward work and life in the face of his own personal health adversity could serve as a role model for all - he never dwelled on his own misfortune and continued to engage, lead and advise as always and with his usual tenacity and passion.
His dedication to the firm and the practice of law was second only to his dedication to his family. Eric is survived by his wife of 43 years, Susan, three children and three grandchildren. He loved his family deeply.
Eric’s greatest legacy will be the firm that he played such a critical role in shaping and developing during the past 27 years. Due to Eric’s vision and leadership, Luse Gorman is the premier community banking law firm in the country today, representing community banks and holding companies from Maine to Florida, east coast to west coast, Alaska and Hawaii and the Mid-West in between. We work with more than 350 financial institutions and their holding companies, public and private, mutual and stock, and no firm knows better than we do on a real-time basis the issues facing community banks. Eric’s guiding philosophy for our firm was for us to be not just a legal advisor to, but to become a strategic and valued partner with, our clients. We never will lose sight of the high standards Eric set for the firm – provide quality and timely service; understand the unique needs of each client; provide practical and understandable advice; and always place the interests of the client first. These standards have enabled our success and will continue to guide our performance in years to come.
We thank Eric for his vision and service and we will forever miss him.


Luse Gorman is Legal Counsel to BV Financial, Inc. in Its Proposed Merger with Delmarva Bancshares, Inc.

June 18, 2020

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 will receive $8.90 in cash per share of Delmarva Bancshares common and preferred stock. The total merger consideration is valued at approximately $54.0 million.