On October 28, 2020, ES Bancshares, Inc., Newburgh, New York, the holding company for Empire State Bank, completed a private placement of $14.0 million of its 6.00% Fixed-to-Floating Rate Subordinated Notes due 2030. The notes are intended to qualify as Tier 2 capital for regulatory purposes. Luse Gorman served as legal counsel to ES Bancshares,… Read more »

On October 27, 2020, Edgewater Bancorp, Inc. (“Edgewater”), St. Joseph, Michigan, the holding company for Edgewater Bank, and United Federal Credit Union (“United”), St. Joseph, Michigan, announced that they had signed a definitive purchase and assumption agreement, pursuant to which United will acquire the assets and assume the liabilities of Edgewater Bank in an all… Read more »

On October 26, 2020, Rhinebeck Bank, Poughkeepsie, New York, entered into an agreement pursuant to which it will acquire two branch offices in Monroe and Warwick, New York from ConnectOne Bank, Englewood Cliffs, New Jersey. The transaction is expected to add more than $50 million in deposits for Rhinebeck Bank. Luse Gorman served as legal… Read more »

On October 21, 2020, BV Financial, Inc., Baltimore, Maryland, the holding company for BayVanguard Bank, completed a private placement of $35.0 million of its 4.875% Fixed-to-Floating Rate Subordinated Notes due 2030. The notes are intended to qualify as Tier 2 capital for regulatory purposes. Luse Gorman served as legal counsel to BV Financial in the… Read more »

On October 16, 2020, Hoyne Savings Bank, Chicago, Illinois, completed its acquisition of Loomis Federal Savings and Loan Association, Chicago, Illinois. Hoyne Savings Bank is an Illinois-chartered stock savings bank with approximately $510 million in total assets and nine full-service branch offices in the Chicagoland area. Luse Gorman served as legal counsel to Hoyne Savings… Read more »