September 21, 2018
On September 20, 2018, Blue Hills Bancorp, Inc. (“Blue Hills”), Norwood, Massachusetts, the holding company for Blue Hills Bank, and Independent Bank Corp. (“Independent”), Rockland, Massachusetts, the holding company for Rockland Trust Company, announced a definitive merger agreement pursuant to which Blue Hills will merge with and into Independent, with Independent as the resulting company.
Read More...
September 20, 2018
On September 10, 2018, the Office of the Comptroller of the Currency (the “OCC”) issued a proposed rule implementing Section 206 of the Economic Growth, Relief and Consumer Protection Act, which permits federal savings associations with total consolidated assets of $20 billion or less as of December 31, 2017 to elect to operate with national bank powers without converting to a national bank charter. This election would allow an eligible federal savings association to exceed its statutory commercial and consumer lending limits and avoid compliance with the qualified thrift lender test.
For more information, including a summary of the OCC’s proposed rule, please see the attached News Alert.
Read More...
August 31, 2018
On August 29, 2018, BayVanguard Bank and its parent company BV Financial, Inc., each of Baltimore, Maryland, entered into a merger agreement with Kopernik Bank, Baltimore, Maryland, pursuant to which Kopernik Bank will merge with and into BayVanguard Bank.
Read More...
August 22, 2018
The Tax Cuts and Jobs Act, which became law on December 22, 2017, imposes a substantial new penalty tax on tax-exempt organizations, including federal and state-chartered credit unions, regarding certain types of “excessive” compensation paid to their covered employees. This new penalty tax is effective for the taxable years of the credit union beginning after December 31, 2017 and will likely have a significant impact on the design and administration of the executive compensation programs of many credit unions.
Read More...
August 16, 2018
On August 16, 2018, Equitable Bancorp, MHC (“Equitable MHC”), East Weymouth, Massachusetts, the mutual bank holding company for Equitable Bank, and South Shore Mutual Holding Company (“South Shore MHC”), Weymouth, Massachusetts, the mutual bank holding company for Coastal Heritage Bank, announced their entry into a definitive merger agreement pursuant to which South Shore MHC will merge with and into Equitable MHC under the name Equitable Bancorp, MHC.
Read More...
