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.
Read More...On December 18, 2019, Kearny Financial Corp., Fairfield, New Jersey, and MSB Financial Corp., Millington, New Jersey, entered into a definitive merger agreement pursuant to which MSB will merge with and into Kearny, with Kearny as the resulting company.
Read More...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.
Read More...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.
Read More...To our clients and friends:
The Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the Office of the Comptroller of the Currency and the Financial Crimes Enforcement Network, in consultation with the Conference of State Bank Supervisors, issued a joint statement today clarifying the legal status of hemp and the relevant Bank Secrecy Act (BSA) requirements applicable when providing financial services to these customers (the “Joint Statement”).
Our Alert, which summarizes the key provisions of the Joint Statement, is available here.
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