September 26, 2019
To our clients and friends:
The U.S. House of Representatives approved its version of the SAFE Banking Act of 2019 yesterday. The legislation would create a safe-harbor for banks, thrift and credit unions to provide financial products and services to state-licensed cannabis businesses and their service providers.
The legislation also directs the federal banking regulators to jointly issue guidance on the legality of providing financial products and services to businesses that sell hemp, hemp-derived CBD and hemp-derived cannabinoid products.
The attached Alert summarizes the key provisions of the legislation.
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September 20, 2019
Gary A. Lax presented “Banking the Hemp Industry” at the Indiana Bankers Association Annual Convention on September 17, 2019, in French Lick, IN. The presentation discussed Industrial Hemp, the status of federal and state laws, and the elements of a risk assessment and compliance program to on-board customers and provide financial products and services to growers and handlers, as well as Hemp merchants.
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September 19, 2019
Larry Spaccasi, Tom Hutton and Jeff Cardone presented at the CU Leadership Convention in Las Vegas on August 1, 2019. The presentation, titled “So You Think You Want to Acquire a Bank?” focused on how the acquisition of banks by credit unions has become more common. The presentation also analyzed the factors that drive credit union/bank transactions, including how a bank acquisition is structured, the regulatory approval process and key considerations when assessing whether an acquisition of a bank should be a part of the credit union’s strategic plan.
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September 18, 2019
Mr. Spaccasi was a panelist for “Merger Mania: How Credit Unions Can Survive and Thrive on a New M&A Market” presented by the CU Leadership Convention. The webinar focused on the critical factors for highly successful M&A transactions and key issues and procedures that should be focused upon when a credit union is considering a merger.
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September 9, 2019
On September 5, 2019, BV Financial, Inc., Baltimore, Maryland, the holding company for BayVanguard Bank, and MB Bancorp, Inc., Forest Hill, Maryland, the holding company for Madison Bank of Maryland, announced the signing of a definitive merger agreement, pursuant to which MB Bancorp will merge with and into BV Financial, with BV Financial as the resulting company. MB Bancorp shareholders will receive $15.85 in cash per share of MB Bancorp common stock. The total merger consideration is valued at approximately $31.0 million.
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