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Assisted by attorneys from Day Pitney, Connecticut commercial lender Southern Connecticut Bancorp finalized a deal February 23 to merge with residential lender Naugatuck Valley Financial Corp. in a deal valued at $19.5 million.
The transaction will allow Naugatuck to absorb Southern Connecticut Bancorp, parent of The Bank of Southern Connecticut. The deal is expected to close in the third quarter, once regulators, shareholders and depositors approve.
Southern Connecticut Bancorp is a lender to small and medium-sized business with offices in the New Haven area of Connecticut.
Handling the transaction for Southern Connecticut Bancorp was Hartford-based Day Pitney partner Robert M. Taylor III, the leader of the firm's Financial Services Regulation practice group. Also working on the deal was New Jersey's Richard Leu, an associate in that group.
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Day Pitney Alert
On February 20, Michael Rave and Michael Dunne spoke at FinXTech R.O.D.E., a conference presented by Autobooks, Bank Director and Microsoft and held at the Advanced Technology Development Center in Atlanta, GA.
Michael Rave and Megan Bedell authored an article, "Banking the Marijuana Business: Legal or Not?," published by the New Jersey Law Journal.
Michael Rave spoke on a Marijuana Banking panel at the 115th Annual New Jersey Bankers Association conference held in Colorado Springs, CO.
Mike Rave was quoted in an analysis article, "Reg Rollbacks Seen As Bit Player In $28B BB&T-SunTrust Deal," published by Law360.
On December 7, Day Pitney, ICSGroup and CohnReznick co-sponsored "Launching a Private Fund: What You Need to Know."
Day Pitney Press Release
Eliza Fromberg was quoted in an article, "FINRA's Capital Acquisition Broker Rules Face Tough Sell," in Law360.