FDIC Proposes to Modernize its Brokered Deposit Rules

December 23, 2019

To our clients and friends:

On December 12, 2019, the Federal Deposit Insurance Corporation (the “FDIC”) issued a notice of proposed rulemaking (the “Proposed Rule”) to modernize certain aspects of the FDIC’s brokered deposit regulatory framework so that the classification of a brokered deposit appropriately reflects technological changes in the banking industry.

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Luse Gorman is Legal Counsel to Melrose Bancorp, Inc. in Its Proposed Merger with Cambridge Financial Group, Inc.

December 18, 2019

On December 18, 2019, Melrose Bancorp, Inc., Melrose, Massachusetts, the holding company for Melrose Bank, and Cambridge Financial Group, Inc., Cambridge, Massachusetts, the mutual holding company for Cambridge Savings Bank, jointly announced that they have entered into a definitive merger agreement, pursuant to which Cambridge Financial Group will acquire Melrose Bancorp.

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Luse Gorman is Legal Counsel to RSB Bancorp, MHC in Its Proposed Merger with Columbia Bank, MHC

December 4, 2019

On December 3, 2019, RSB Bancorp, MHC, Roselle, New Jersey, the mutual holding company of RSB Bancorp, Inc. and Roselle Bank, and Columbia Bank, MHC, Fair Lawn, New Jersey, the mutual holding company of Columbia Financial, Inc. and Columbia Bank, announced the signing of a definitive merger agreement pursuant to which RSB Bancorp, MHC will merge with and into Columbia Bank, MHC with Columbia Bank, MHC as the resulting company.

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