−Removed: the fiscal year ended December 31, 2024, except as set forth below, the Company was not involved in any material pending legal
−Removed: proceedings as a plaintiff or as a defendant, other than routine legal proceedings occurring in the ordinary course of business.
−Removed: Management believes that those routine legal proceedings involve, in the aggregate, amounts that are immaterial to the Company’s
−Removed: financial condition and results of operations financial condition or results of operations.
−Removed: the fourth quarter of 2023, the Company reached an agreement to settle two (2) purported class action lawsuits concerning the
−Removed: Company’s deposit products and related disclosures, specifically involving overdraft fees and insufficient funds fees.
−Removed: matters, which asserted claims for breach of contract including the covenant of good faith and fair dealing against the Company,
−Removed: were filed in the Massachusetts Superior Court, County of Suffolk, on June 10, 2022 and July 29, 2022, respectively.
−Removed: Also in March
−Removed: 2022, the Company received from the named plaintiff in one of the putative class action lawsuits a demand letter pursuant to the
−Removed: Massachusetts Consumer Protection Act, M.G.L Ch.
−Removed: 93A (“Chapter 93A”).
−Removed: The demand letter sought restitution and debt
−Removed: forgiveness for the named plaintiff and the putative class, plus double or treble damages and reasonable attorneys’ fees,
−Removed: as may be allowed under Chapter 93A.
−Removed: The Bank retained outside litigation counsel in these matters, and discussions to find a
−Removed: mutually acceptable resolution, including an arms-length mediation before a neutral mediator, proceeded between the parties.
−Removed: December 29, 2023, the parties entered into an agreement to settle both actions on a class basis.
−Removed: Pursuant to the settlement agreement
−Removed: and for purposes of effectuating the settlement, on January 5, 2024, the cases were refiled as a single action in federal court
−Removed: in Massachusetts.
−Removed: Under the terms of the settlement agreement, the Bank agreed to pay approximately $510,000 in exchange for the
−Removed: dismissal with prejudice and release of all claims that were or could have been asserted in the putative class action lawsuits
−Removed: on behalf of the plaintiffs and all putative settlement class members.
−Removed: On January 23, 2025 the Court granted final approval of
−Removed: the settlement.
−Removed: During the year ended December 31, 2023, the $510,000 in settlement expense was included in non-interest expense
−Removed: in the Company’s Consolidated Statements of Net Income.
+Added: the twelve months ended December 31, 2025, there were no material pending legal proceedings to which the Company or its subsidiaries
+Added: are a party to or to which any of its property is subject, other than routine legal proceedings occurring in the ordinary course
+Added: Management does not believe resolution of any present litigation will have a material adverse effect on the business,
+Added: consolidated financial condition or results of operations of the Company.
SAFETY DISCLOSURES.
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.