January 3, 2024
On December 21, 2023, Blue Federal Credit Union, a federally chartered credit union headquartered in Cheyenne, Wyoming, successfully completed a private placement of $15.0 million of subordinated notes. The subordinated notes are intended to qualify as subordinated debt under NCUA rules and are considered regulatory capital in the calculation of Blue Federal Credit Union’s net worth ratio and risk-based capital ratio.
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December 27, 2023
To our clients and friends:
On December 19, 2023, the Fifth Circuit vacated a recently finalized rule of the U.S. Securities and Exchange Commission that would have required enhanced disclosure of stock "buyback."
Our Alert regarding the rule and the Fifth Circuit's holding is available here.
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December 18, 2023
On December 5, 2023, Jeff Cardone presented at The Bonadio Financial Group Financial Institutions Seminar. The session focused on the state of the banking and credit union industry and what is top of mind of bank and credit union management teams and boards related to strategic planning, capital and mergers and acquisitions, and also highlighted the supervisory priorities of the regulatory agencies.
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December 12, 2023
On December 8, 2023, CB Financial Services, Inc., Washington, Pennsylvania, the holding company for Community Bank, completed the sale of its insurance agency subsidiary, Exchange Underwriters, Inc., to World Insurance Associates, LLC.
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December 7, 2023
On December 7, 2023, Gorham Savings Bank, Gorham, Maine, and Maine Community Bank, Biddeford, Maine, announced their agreement to form a strategic partnership through the merger of the two banks and their parent holding companies. The merger creates the second largest mutual savings bank in Maine with nearly $2.7 billion in assets.
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