On December 29, 2021, First Financial Credit Union, Skokie, Illinois completed a private placement of $2.0 million of its 4.25% fixed rate subordinated notes due January 1, 2032. The subordinated notes are intended to qualify as secondary capital under NCUA rules.
Read More...On December 17, 2020, the NCUA adopted a final rule expanding access to subordinated debt and modifying the NCUA’s existing secondary capital rules for low-income designated credit unions.
Read More...On December 10, 2021, CB Financial Services, Inc., Carmichaels, Pennsylvania, the holding company for Community Bank, completed a private placement of $15.0 million of its 3.875% Fixed-to-Floating Rate Subordinated Notes due 2031.
Read More...To our clients and friends:
The SEC has adopted new rules relating to the required use of a universal proxy card in a director election contest. The new rules go into effect with respect to any shareholder meeting held after August 31, 2022.
Our Alert regarding the new rules is available here.
Read More...On December 1, 2021, RSI Bancorp, M.H.C., a New Jersey mutual holding company, RSI Bancorp, Inc., a Delaware holding company, and RSI Bank, a New Jersey stock savings bank (collectively "RSI"), entered into a merger agreement with Columbia Bank MHC, a federally chartered mutual holding company, Columbia Financial, Inc., a Delaware holding company, and Columbia Bank, a federally chartered stock savings bank (collectively "Columbia"), pursuant to which the RSI entities will merge with and into the Columbia entities. As part of the merger transaction, Columbia Financial, Inc., the mid-tier holding company of Columbia Bank, will issue additional shares of its common stock to Columbia Bank MHC in an amount equal to the fair value of RSI as determined by an independent appraisal.
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