Experience

Banking: Helping Non-Depository Trust Companies Do Business in Other States

Verrill has helped to form more non-depository trust companies in Maine than any other law firm. We have also helped our trust clients when they look to expand their business into other states.

In 2010, Verrill worked with one of its trust company clients to obtain approval to do business in Massachusetts. To obtain that state’s approval, we needed to demonstrate that Maine law offered reciprocity to Massachusetts trust companies seeking to do business in Maine. Verrill moved forward to analyze the laws, and upon finding sufficient reciprocity, sought and obtained a letter of support from the Maine Bureau of Financial Institutions. Armed with this letter, the Maine trust was able to obtain approval to do business in Massachusetts.

In 2011, we helped another trust company client obtain approval to do business in New Hampshire. Like Massachusetts, New Hampshire has a reciprocity statute requiring a showing that the home state of the trust company allowed New Hampshire trusts to do business on the same terms as New Hampshire would allow trusts from the home state. We analyzed Maine law through this lens, and determined that Maine law did have reciprocity with New Hampshire law. Several short weeks later, we obtained a letter of support from the Maine Bureau, and received final approval from the State of New Hampshire.

As our clients look to grow and expand, we are pleased to be able to help them meet their goals.

Firm Highlights

Publication/Podcast

PPP Math for the Self-Employed: And, Yes, There is Still Time

The Small Business Administration reports that as of May 23 it still had nearly $150 billion of untapped Paycheck Protection Program funds. The Program has been underutilized by self-employed business owners, in part due...

Matter

Heating Oil and HVAC Systems Acquisitions

HVAC
News

Bill is Passed for Eased Restrictions on PPP Loan

On June 3, the Senate passed the Paycheck Protection Flexibility Act, easing the restrictions on how businesses spend their Paycheck Protection Program (PPP) loans, which may allow small business owners more room for qualifying...

Publication/Podcast

60% Is Not a Cliff, Indeed

On June 11, the Small Business Administration (SBA) and the Treasury Department published important guidance that the revised 60% condition under the Paycheck Protection Program Flexibility Act will be applied proportionately, and not as...

Publication/Podcast

The New PPP Math: 24 + 60 = > Forgiveness + > Paperwork

On June 5, the President signed into law the Paycheck Protection Program Flexibility Act. This is the second amendment to the Program, the first being on April 24, to increase funding levels to $659...

News

Paycheck Protection Program Focuses on Short-Term and Misses Long-Term Damages

On June 8, the Portland Press Herald published an article, "Revamped emergency loan program remains a short-term fix," discussing the Paycheck Protection Program's (PPP) extended deadlines and loosened restrictions, but lack of solutions to...

Matter

Allagash becomes Maine’s First Benefit Corporation

Allagash Benefit Event
Publication/Podcast

PPP Forgiveness Planning Scenarios

How to use this article: You already know that the Paycheck Protection Program (PPP) is highly complex, with intertwining conditions, exceptions, and definitions that defy simple explanation. This article assumes that you are pretty...

News

Nearly 80 Verrill Attorneys Recognized by Best Lawyers® 2021, Including a Dozen Named Lawyers of the Year

(August 24, 2020) – Nearly 80 Verrill attorneys were recognized as "Best Lawyers" by Best Lawyers® 2021 , including 12 attorneys named “Lawyer of the Year,” a distinguished recognition for only a single lawyer...

Matter

Banking: Establishment of Non-Depository Trust for National Company

Verrill served as special counsel to a national firm in the chartering and licensing of a Maine non-depository trust company as the client’s wholly-owned subsidiary. Non-depository trust companies are highly regulated, and the matter...