On April 9, 2019, Beverly Financial, MHC, Beverly, Massachusetts, the holding company for Beverly Bank, and North Shore Bancorp, Peabody, Massachusetts, the holding company for North Shore Bank, announced a definitive merger agreement pursuant to which Beverly will merge with and into North Shore.
Read More...On April 3, 2019, Heritage Bancorp, Reno, Nevada, the holding company for Heritage Bank of Nevada, and Glacier Bancorp, Inc., Kalispell, Montana, the holding company for Glacier Bank, announced a definitive merger agreement pursuant to which Heritage will merge with and into Glacier, with Glacier as the resulting company.
Read More...Thomas P. Hutton presented, together with Fabrizio D’Uva of Pentegra, at the North Carolina Bankers Association 2019 Bank Directors Assembly on March 11, 2019. The presentation, entitled Lesser Known Issues in M&A Due Diligence and Transactions, focused on some of the lesser known issues that have become very important in mergers and acquisitions. These issues Include the “transfer for value” associated with Bank Owned Life Insurance and the possible tax issues for entities that acquire BOLI, compensation payments (including severance and supplemental benefits) that may no longer be deductible for tax purposes after the revisions to Internal Revenue Code Section 162(m) and the entry of credit unions into the M&A market for small banks.
Read More...On February 27, 2019, Hometown Financial Group, MHC announced that Millbury Savings Bank, Millbury, Massachusetts, will merge into Hometown Financial Group’s subsidiary bankHometown, Oxford, Massachusetts. Upon completion of the merger, bankHometown will have over $1 billion in assets and 16 branches in central Massachusetts and northeastern Connecticut.
Read More...Lawrence Spaccasi presented as part of a panel entitled “Should Your Savings Association Take Advantage of HOLA Flexibility?” at the 2019 ABA Conference for Community Bankers in San Diego on February 11, 2019. The panel discussed the proposed OCC rule which will allow federal savings associations to elect to operate and be regulated like national banks without changing their charters. The presentation focused on the pros and cons of the election and outstanding issues that should be addressed by the final rule.
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