February 21, 2020
To our clients and friends:
The Board of Governors of the Federal Reserve System has adopted new rules regarding when an investor will be presumed to have, directly or indirectly, acquired control of a banking organization for purposes of the Bank Holding Company Act and the Home Owners’ Loan Act. The new rules, which clarify some of the Federal Reserve’s existing rules and interpretations, relax certain presumptions of control and eliminate, with a few exceptions, the use of passivity agreements. The new rules will become effective April 1, 2020.
Our Alert, which summarizes the key provisions of the new rules, is available here.
Read More...
February 7, 2020
On February 5, 2020, Dime Community Bancshares, Inc. (“Dime”) completed an underwritten public offering of $75.0 million of its 5.50% Fixed-Rate Non-Cumulative Perpetual Preferred Stock, Series A, par value $0.01 per share, with a liquidation preference of $25.00 per share. Dime raised approximately $72.2 million in the offering, net of underwriting discounts and expenses.
Read More...
January 24, 2020
On January 22, 2020, CF Mutual Holding Company, Cincinnati, Ohio, completed its conversion from the mutual holding company to the stock holding company form of organization and Cincinnati Bancorp, Inc., the new stock holding company for Cincinnati Federal, sold $15.5 million of common stock in a public offering.
Read More...
January 23, 2020
On January 16, 2020, FFBW, Inc., Waukesha, Wisconsin, the holding company for First Federal Bank of Wisconsin, completed its conversion from the mutual holding company to the stock holding company form of organization and related stock offering, whereby FFBW, Inc. sold $42.7 million of common stock at $10.00 per share.
Read More...
January 21, 2020
On January 15, 2020, Bogota Savings Bank, Teaneck, New Jersey, completed its reorganization from a mutual savings bank to the mutual holding company form of organization.
Read More...
