Resources
Experience

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 involved a complex application process and close work with state regulatory authorities. Establishing the new company also required navigating the federal Dodd-Frank Act, which included ambiguous language that might have prohibited non-depository trust companies. To solve the ambiguity, Verrill worked with members of the US Senate to include a floor colloquy addressing the matter. After nearly a year,, Verrill and the client were able to efficiently establish and license the new nondepository trust company, as well as license the company for operations in the jurisdiction of its principal office.

Firm Highlights

Matter

Allagash becomes Maine’s First Benefit Corporation

Allagash Benefit Event
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...

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...

Matter

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...

News

Verrill Welcomes Tom Wilkeson to Firm’s Business Law Group

(December 14, 2020) – Verrill is pleased to welcome attorney Tom Wilkeson to the firm as a member of the Business Law Group, resident in the firm’s Westport, Connecticut office. At Verrill, Wilkeson works...

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...

News

Eugene Ho Named “Go To Business Lawyer” by Massachusetts Lawyers Weekly List

(February 8, 2021) – Verrill attorney Eugene Ho was honored as a “Go To Business Lawyer” by Massachusetts Lawyers Weekly . The inaugural list, which is part of the publication’s new “Massachusetts Go To...

News

Verrill Welcomes Attorney Nicholas Anania

(January 18, 2021) – Verrill is pleased to welcome attorney Nicholas Anania to the firm’s Portland, Maine office. Anania focuses his practice on a broad range of transactions and corporate work, including mergers and...

Matter

Heating Oil and HVAC Systems Acquisitions

HVAC
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...

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