October 30, 2018
On October 23, 2018, Hamilton Bancorp, Inc. (“Hamilton”), Towson, Maryland, the holding company for Hamilton Bank, and Orrstown Financial Services, Inc. (“Orrstown”), Shippensburg, Pennsylvania, the holding company for Orrstown Bank, announced a definitive merger agreement pursuant to which Hamilton will merge with and into Orrstown, with Orrstown as the resulting company. Hamilton stockholders will receive for each share of Hamilton common stock (1) $4.10 in cash, subject to adjustment as set forth in the Merger Agreement, and (2) 0.54 shares of Orrstown common stock.
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October 26, 2018
On August 21, 2018, the Internal Revenue Service released Notice 2018-68 which provides guidance regarding the changes made to Section 162(m) of the Internal Revenue Code by the Tax Cuts and Jobs Act of 2017, which is effective for tax years after January 1, 2018.
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October 15, 2018
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October 12, 2018
On October 11, 2018, First Interstate BancSystem, Inc. (“First Interstate”), Billings, Montana, the holding company for First Interstate Bank (the “Bank”), announced that it had entered into separate definitive merger agreements with each of Idaho Independent Bank (“IIB”), Coeur d’Alene, Idaho, and Community 1st Bank (“Community”), Post Falls, Idaho, pursuant to which IIB and Community will each merge into the Bank, with the Bank as the resulting institution. IIB stockholders will receive 0.50 shares of First Interstate Class A common stock per share of IIB common stock for total merger consideration of approximately $181.3 million.
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October 10, 2018
On September 29, 2018, Kent Krudys and Tom Hutton presented, together with professionals from S.R. Snodgrass, at the annual CEO Breakfast Session at the PACB Annual Convention. Luse Gorman has been a long-time presenter at the CEO Breakfast. Messrs. Krudys and Hutton led a discussion on current trends in community banking, including topics related to mergers and acquisitions, corporate structure alternatives, regulatory matters, executive and director compensation and benefits and tax matters.
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