March 13, 2019

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.