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Our Attorneys

FINALIZED Overtime Rule: How does it impact you?  

The Department of Labor released its long-awaited final overtime regulations yesterday. The most significant impact of the new regulations is that they more than double the salary threshold for classifying an employee as exempt from the overtime requirement to $47,476. While slightly less than originally anticipated, this is still a big increase in the salary threshold. Not sure if this will impact you? Chances are it will. The new regulations will likely impact the exemption status of 4.2 million employees, which will result in U.S. employers paying an estimated additional $1.4 billion in wages in just the first year of implementation.

If you have not already begun to do so, now is the time to start thinking about and analyzing how the new regulations will impact your business. We hope that the following information is useful to you as you consider your next steps.

Further Impacts to Consider…

  • How will this impact employee morale?
  • What should I communicate to employees about the change?
  • How will this impact financial planning for my business?
  • What additional training do my managers need?
  • Do I need new policies that address these changes?

Determining whether you are impacted by this change is relatively simple—it’s how to respond to the impact that is more difficult. Verrill Dana’s Labor & Employment attorneys are here to help. We can help you analyze the impact of these new regulations on your business and develop a plan that incorporates best practices for how to respond to these changes to minimize the impact on operations.


Financial Institutions . . . In the News

  •  Home sales rose in Maine in March, both in numbers of homes sold and in higher prices.  (PPH 4.20.2016)
  • The Federal Deposit Insurance Corporation (FDIC) rated Machias Savings Bank “outstanding” on its recent Community Reinvestment Act (CRA) Performance Evaluation.  (Mount Desert Islander 4.23.2016)
  • A class action suit against TD Bank’s coin-counting machines claims the Penny Arcades short-changed customers.  (My Central Jersey 4.29.2016)
  • Lake Sunapee Bank Group bought by Bar Harbor Bank for 142 million.  (Central Maine 5.5.2016)
  • J.D. Power and Associates awards Bangor Savings Bank for the second year in a row,  the highest score in New England among qualifying institutions on its 2016 Retail Banking Satisfaction Study.  (Mainebiz 5.6.2016)



Financial Institutions . . . In the News

  • February marks lowest unemployment rate in 15 years at 3.6 percent. (Sun Journal 3.25.2016)
  • Fake paychecks are being cashed in Franklin, Androscoggin, and Oxford Counties leaving businesses with financial losses.  (WGME 3.28.2016)
  • North American Securities Administrators Association’s (NASAA) program Senior$afe, a program to identify and report financial elder abuse, will be available to its members in April. (Investment News 3.30.2016)
  • Banks facing unsteady time between bad energy loans and new FDIC regulations.  (PPH 4.14.2016)

Financial Institutions . . . In the News

  • Millinocket Key Bank, branch consolidates with Lincoln branch.  (BDN 2.8.2016)
  • Some businesses struggling with conversion to chip credit cards.  (Central Maine 2.13.2016)
  • Norway Savings Bank celebrated milestone – 150th Anniversary.  (King 2.17.2016)
  • Maine is leading the way with home sales and rise in median prices.  (Mainebiz 2.24.2016)
  • Eastern Maine bankers report record revenue in 2015 validating stronger consumer confidence.  (The Ellsworth American 3.1.2016)
  • Long court process hinders the number of Maine mortgages in the foreclosure system keeping Maine foreclosure numbers among the highest in the nation.  (PPH 3.18.2016)
  • Gorham Savings Bank introduces state’s first interactive teller machine and entwine other technologies into routine services to its customers.  (Mainebiz 3.22.2016)
  • Home sales in Maine go up but median prices fell over 4%.  (PPH 3.21.2016)

Atlantic Trust LLC to Form New Nondepository Trust Company in Maine

Maine will soon be getting a new nondepository trust company, Atlantic Trust, LLC.

On March 18, 2016, the Maine Bureau of Financial Institutions issued a Superintendent’s Notice regarding the filing of a certificate of public convenience and advantage to form Atlantic Trust.  The application was submitted by Atlantic Financial Services of Maine, LLC, an investment adviser firm on Commercial Street in Portland, Maine that is wholly owned by John P.M. Higgins of Cape Elizabeth. 

The initial board will consist of John Higgins, Robert A.G. Monks, Stewart A. Gardner, Richard A. Bennett, and Jonathan L. Cottrell.   

Written comments and requests for hearing on the application are due by Sunday April 17, 2016 by using the following link.

A copy of the Superintendent’s Notice is available here.