Kent Krudys and Tom Hutton presented at the Pennsylvania Association of Community Bankers Annual Convention

October 10, 2018

On September 29, 2018, Kent Krudys and Tom Hutton presented, together with professionals from S.R. Snodgrass, at the annual CEO Breakfast Session at the PACB Annual Convention. Luse Gorman has been a long-time presenter at the CEO Breakfast. Messrs. Krudys and Hutton led a discussion on current trends in community banking, including topics related to mergers and acquisitions, corporate structure alternatives, regulatory matters, executive and director compensation and benefits and tax matters.


Luse Gorman Served as Legal Counsel to Blue Hills Bancorp, Inc. in its Proposed Merger with Independent Bank Corp.

September 21, 2018

On September 20, 2018, Blue Hills Bancorp, Inc. (“Blue Hills”), Norwood, Massachusetts, the holding company for Blue Hills Bank, and Independent Bank Corp. (“Independent”), Rockland, Massachusetts, the holding company for Rockland Trust Company, announced a definitive merger agreement pursuant to which Blue Hills will merge with and into Independent, with Independent as the resulting company.


OCC Releases Proposed Rule to Allow Certain Federal Savings Associations to Elect to Operate with National Bank Powers

September 20, 2018

On September 10, 2018, the Office of the Comptroller of the Currency (the “OCC”) issued a proposed rule implementing Section 206 of the Economic Growth, Relief and Consumer Protection Act, which permits federal savings associations with total consolidated assets of $20 billion or less as of December 31, 2017 to elect to operate with national bank powers without converting to a national bank charter. This election would allow an eligible federal savings association to exceed its statutory commercial and consumer lending limits and avoid compliance with the qualified thrift lender test.

For more information, including a summary of the OCC’s proposed rule, please see the attached News Alert.


New Tax Law – What Every Credit Union Executive Needs to Know

August 22, 2018

The Tax Cuts and Jobs Act, which became law on December 22, 2017, imposes a substantial new penalty tax on tax-exempt organizations, including federal and state-chartered credit unions, regarding certain types of “excessive” compensation paid to their covered employees. This new penalty tax is effective for the taxable years of the credit union beginning after December 31, 2017 and will likely have a significant impact on the design and administration of the executive compensation programs of many credit unions.