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 Attorneys Alfred Marks and Michael Lane co-authored an article, "Spokeo, Inc. v. Robins: An Underutilized Defense Against Claims Brought Under Federal Consumer Finance Statutes," for The Banking Law Journal.
Day Pitney Alert
Day Pitney Alert
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.
Joy Harmon Sperling and Rachel Packer wrote an article, "No Such Thing As A Free House? NJ Court Says Otherwise," for Law360. The article examines a recent unpublished opinion rendered by the Superior Court of New Jersey, Bergen County in Anim Investment Co. v. Shaloub, No. F-30508-15, 2015 N.J. Super. Unpub. LEXIS 3042 (Ch. Div. June 30, 2016).
Eliza Fromberg was quoted in an article, "Introduction of Regulation Crowdfunding" in Financier Worldwide Magazine.
Stamford, Conn., August 24, 2015 - Day Pitney is pleased to announce that 68 attorneys have been selected for inclusion in the 2016 Best Lawyers in America. Best Lawyers ranks lawyers through peer-review surveys, and has been published annually since 1983.
Scott Warren Goodman and Achilles Kintiroglou were quoted in the article, "Audit committees may need to provide more information," in Inside Counsel. In the article, Goodman and Kintiroglou discuss the Securities and Exchange Commission's new "concept release" regarding audit committee reporting requirements.