November 7, 2024
To our clients and friends:
Today we published Volume 11 of The Bankers’ Bulletin. You can find a copy of this edition here.
In this volume, we cover the CFPB’s open banking rule, the OCC’s supervision plan for 2025, AI guidance from NYSDFS, extension of the comment period for the FDIC’s brokered deposit rule, a novel banking charter issued in Georgia, and more.
If you have any questions related to any of the items covered in the Bulletin, please reach out to Brendan Clegg (bclegg@luselaw.com), Marc Levy (mlevy@luselaw.com), Agata Troy (atroy@luselaw.com), or your regular Firm contact. To learn more about our firm and services, please visit our website.
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October 25, 2024
On October 23, 2024, Monroe Federal Savings and Loan Association, Tipp City, Ohio, completed its conversion from the mutual to stock form of organization. Concurrently with the conversion, Monroe Federal Bancorp, Inc. (“Monroe Federal Bancorp”), the newly formed holding company for Monroe Federal, completed its initial public offering by selling 526,438 shares of its common stock at $10.00 per share. Monroe Federal Bancorp’s common stock is quoted the OTCQB Market under the symbol “MFBI”.
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October 24, 2024
On October 22, 2024, Fidelity Bank, New Orleans, Louisiana, completed its conversion from the mutual to stock form of organization. Concurrently with the conversion, FB Bancorp, Inc. (“FB Bancorp”), the newly formed holding company for Fidelity Bank, completed its initial public offering by selling 19,837,500 shares of its common stock at $10.00 per share. FB Bancorp’s common stock trades on the Nasdaq Capital Market under the symbol “FBLA.”
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October 9, 2024
On October 1, 2024, Arlo Financial Holdings, Inc., a newly formed Missouri corporation, completed its merger with Systematic Savings Bank, thereby becoming its registered bank holding company and changing the name of the bank to Arlo Bank. The Luse Gorman team consisted of Steven Lanter, Ben Azoff and Brendan Saxon.
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October 8, 2024
On September 30, 2024, River Run Bancorp, MHC, Newburyport, Massachusetts, announced the signing of a definitive merger agreement with Rollstone Bancorp, MHC, Fitchburg, Massachusetts, pursuant to which Rollstone Bancorp, MHC, the mutual holding company of Rollstone Bank & Trust, Fitchburg, Massachusetts, will merge with and into River Run Bancorp, MHC. As part of the transaction, Rollstone Bank & Trust will become the third bank subsidiary of River Run Bancorp, MHC, the mutual holding company parent for Newburyport Bank and Pentucket Bank.
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