By Porter Wright on Let’s say your client is a bank based outside of Ohio, and suppose further your client wants to set up a banking business in Ohio. Most of the time a merger transaction will result in a non-Ohio bank doing business in Ohio through an out-of-state franchise of course. But in light of changes to Ohio … Continue Reading
By Porter Wright on Last year, the Ohio Legislature made a number of important changes to Ohio’s statutory banking code. These are the first comprehensive changes in more than twenty years. Most of the changes were effective January 1, 2018. The heavy lifting of the new Ohio banking bill is language that consolidates a number of existing financial institution … Continue Reading
By Porter Wright on There is much to like in the recently released report of the Volcker Alliance. Unfortunately, however, there is little discussion of those banking institutions commonly referred to as community banks. At roughly the same time last month, the Independent Community Bankers Association of America highlighted in a press release the importance of community banks in … Continue Reading
By Porter Wright on At a time of relative affluence in the farming industry, the FDIC has issued a warning on a need for monitoring agricultural credits. FIL-39-2014 (July 16, 2014) suggests that banking institutions of all sizes should carefully consider a recent, negative projection by the U.S. Department of Agriculture. While current market conditions are good, the projection … Continue Reading
By Porter Wright on Last April, a trade association for bank directors, the American Association of Bank Directors reported the results of a survey designed to measure the impact of concerns about personal liability on the decision of bank board members to resign and by individuals to turn down board seats on banking organizations. One of the key concerns, … Continue Reading
By Porter Wright on Expansion of Banking: What happens when First National Bank is no longer First? Ask any community banker and she will tell you that bank name disputes are on the rise. The Third Federal Circuit Court of Appeals attributes the rise of bank name disputes to “an outgrowth of aggressive and expansionist banking flowing from the … Continue Reading
By Porter Wright on The Ohio Department of Taxation recently released draft administrative regulations (the “Regulations”) designed to implement the new Ohio financial institutions tax. The new tax takes effect Jan. 1, 2014 and replaces the corporation franchise tax and dealers in intangible tax, which financial institutions have historically paid in Ohio. The Regulations state that the tax has … Continue Reading
By Porter Wright on In July the second anniversary of the signing of the Dodd-Frank Act passed, giving community bankers an opportunity to consider where things stand. For some banking institutions, particularly larger ones, it has been an active two years even though at least half of the regulatory requirements of the Act remain to be finalized. For smaller institutions, as will … Continue Reading
By Porter Wright on Bankers and financial institution executives should note that the Securities and Exchange Commission has released guidance and other information regarding the Jumpstart Our Business Startups Act of 2012, or JOBS Act, that became law a few weeks ago. The JOBS makes significant changes to how banks and other businesses can raise capital. It does this by: … Continue Reading
By Porter Wright on The U.S. House of Representatives, by a vote of 380 to 41, has passed the Jumpstart Our Business Startups Act, or JOBS Act [link to House Bill], in the form previously approved by the Senate last week [link to Senate Amendment]. The bill now goes to President Obama, who is expected to sign it into … Continue Reading
