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Michael Rave was quoted in an article, "Why Small Banks Are Rushing to Issue Subordinated Debt," in American Banker. Community banks are taking on more subordinated debt because interest payments are tax-deductible and the issues help bolster Tier 2 capital ratios, explains Rave in the report. Most buyers are pension funds, mutual funds and other community banks. "There's a lot of interest in them from institutional investors and investment banks are really pushing it," said Rave.
Day Pitney hosted its annual invitation-only Palm Beach Family Office Forum at the PGA National Resort and Spa.
Day Pitney Alert
On April 24, Francine Esposito and Laura Schuman delivered a Business & Legal Resources (BLR)'s webinar entitled "New Laws with Major Impact on Employers Operating in New Jersey Taking Effect: What You Need to Know to Comply."
Day Pitney Alert
Partner and Chair of Day Pitney's Private Equity and Finance group Namita Shah was featured in Law360 Pulse for being a recipient of a South Asian Bar Association (SABA) of North America's Cornerstone Award for 2022.
VCV Digital Technology announced that it plans to become a publicly traded company via a business combination with Fortune Rise Acquisition Corporation (NASDAQ: FRLAW, FRLA and FRLAW), a special purpose acquisition corporation.
On January 6, 2022, 1st Constitution Bancorp and Lakeland Bancorp, Inc. completed a merger in which Lakeland acquired 1st Constitution, creating the fifth-largest bank headquartered in New Jersey.
Day Pitney LLP represented TriStruX LLC in its successful sale to Huron Capital, a middle-market private equity firm.
Day Pitney Press Release
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