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What colorful method does Claire Miley use to keep up with the latest healthcare regulations as they relate to proposed transactions? Find out more>

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On December 1, 2016, Parker Hannifin Corporation and CLARCOR Inc. announced that the companies have entered into a definitive agreement under which Parker will acquire CLARCOR for approximately $4.3 billion in cash, including the assumption of net debt. The transaction has been unanimously approved by the board of directors of each company. Upon closing of the transaction, expected to be completed by or during the first quarter of Parker’s fiscal year 2018, CLARCOR will be combined with Parker’s Filtration Group to form a leading and diverse global filtration business. Bass, Berry & Sims has served CLARCOR as primary corporate and securities counsel for 10 years and served as lead counsel on this transaction. Read more here.

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Securities Law Exchange BlogSecurities Law Exchange blog offers insight on the latest legal and regulatory developments affecting publicly traded companies. It focuses on a wide variety of topics including regulation and reporting updates, public company advisory topics, IPO readiness and exchange updates including IPO announcements, M&A trends and deal news.

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Community Banks Win Concessions in the Federal Reserve’s Final Basel III Package

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July 3, 2013

On July 2, 2013, the Federal Reserve board of governors approved long-awaited final rules implementing the Basel Committee on Banking Supervision's Basel III rules. The package of rules, as approved, will minimize the burden on smaller, less complex financial institutions and is considered an improvement over the initially proposed rules.

Although the final rules adhered, by and large, to the initial draft proposal released last June, some aspects of the final rules were softened for community banks. For instance, community banks will be allowed to continue using the current risk weights for residential mortgage loans. Regulators also gave banks with less than $250 billion in assets a one-time opportunity to "opt-out" of a requirement to include unrealized gains and losses in Accumulated Other Comprehensive Income in their capital calculation. Such banks were warned, however, that that they would not be permitted to reverse any such decision in order to avoid an opportunity for regulatory arbitrage. In addition, regulators agreed to allow bank holding companies with less than $15 billion in assets to grandfather the eligibility of trust-preferred securities as part of their Tier 1 capital. Community banks also were provided a longer transition period, with implementation starting on January 1, 2015, while larger banks must begin compliance on January 1, 2014. Unchanged from the proposed rules, and still potentially troubling to smaller financial institutions, is the requirement for a capital conservation buffer of 2.5 percent.

If you have any questions about the content of this alert, please contact one of the attorneys in our Financial Institutions practice group.


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