Luse Gorman Served as Legal Counsel to Piedmont Federal Savings Bank in its Acquisition of Wake Forest Bancshares, Inc.

January 4, 2024

On January 2, 2024, Piedmont Federal Savings Bank, Winston-Salem, North Carolina, completed its acquisition of Wake Forest Bancshares, Inc., Wake Forest, North Carolina, in an all-cash “remutualization” transaction valued at approximately $14.9 million. As a remutualization transaction, the merger involved novel pricing issues regarding the acquisition of mutual holding companies with public stockholders by mutually owned institutions.

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Brendan Clegg appeared on the BankTalk Podcast hosted by Remedy Consulting

January 3, 2024

On December 26, 2023, Brendan Clegg appeared on the BankTalk podcast hosted by Remedy Consulting. On the episode, Brendan discussed the different types of enforcement actions, the ways that an enforcement action can develop, whether directors and officers can be subject to personal actions, common issues that trip up banks and their leadership, and other topics relevant to the bank enforcement process.

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Luse Gorman Served as Legal Counsel to Blue Federal Credit Union in its $15.0 Million Subordinated Debt Issuance

January 3, 2024

On December 21, 2023, Blue Federal Credit Union, a federally chartered credit union headquartered in Cheyenne, Wyoming, successfully completed a private placement of $15.0 million of subordinated notes. The subordinated notes are intended to qualify as subordinated debt under NCUA rules and are considered regulatory capital in the calculation of Blue Federal Credit Union’s net worth ratio and risk-based capital ratio.

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Alert – 5th Circuit Vacates SEC Buyback Rule

December 27, 2023

To our clients and friends:

On December 19, 2023, the Fifth Circuit vacated a recently finalized rule of the U.S. Securities and Exchange Commission that would have required enhanced disclosure of stock "buyback."

Our Alert regarding the rule and the Fifth Circuit's holding is available here.

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