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.
Day Pitney Alert
On April 9, Jed Davis was one of the presenters on a webinar, "Cybersecurity Regulation: Navigating the New DFS Cybersecurity Regulation," distributed through Thomson Reuters.
Jed Davis spoke on "Cybersecurity: Surveying Current State and Federal Regulatory Activity By The SEC and NYDFS," a webinar presented by Bloomberg and moderated by cybersecurity expert Daniel Garrie.
Jed Davis authored an article, "Six Common Misconceptions About Cybersecurity," which appears in the March 5, 2018 issue of New York Law Journal as part of a special section on cybersecurity.
On December 7, Day Pitney, ICSGroup and CohnReznick co-sponsored "Launching a Private Fund: What You Need to Know."
Jed Davis was quoted in a breaking news article, "New York eases proposed cyber regulations after industry complaints," published by Reuters.
Day Pitney Press Release
Eliza Fromberg was quoted in an article, "FINRA's Capital Acquisition Broker Rules Face Tough Sell," in Law360.