On June 5, 2017, Chelten Hills Savings Bank (“Chelten Hills”), Abington, Pennsylvania, and Penn Community Bank (“Penn Community”), Doylestown, Pennsylvania, announced that Chelten Hills will merge with and into Penn Community, with Penn Community as the resulting institution. The combined institution will have total assets of approximately $1.9 billion. Luse Gorman served as legal counsel… Read more »

On July 12, 2016, Marlborough Savings Bank (“Marlborough”), Marlborough, Massachusetts, and North Middlesex Savings Bank, (“North Middlesex”), Ayer, Massachusetts jointly announced that North Middlesex will merge with and into Marlborough.  The resulting institution will change its name as a part of the transaction.  Under the terms of the merger agreement, the board of Marlborough following… Read more »

On May 17, 2017, Abington Bank (“Abington”), Abington, Massachusetts, and Avon Co-operative Bank, (“Avon”), Avon, Massachusetts, jointly announced that Avon will merge with and into Abington, with Abington as the resulting institution. The combined institution will have total assets of approximately $330 million. Luse Gorman served as legal counsel to Abington in the transaction.  The… Read more »

On April 28, 2017, Newton Federal Bank, Covington, Georgia, completed its mutual holding company reorganization and concurrent initial public offering by Community First Bancshares, Inc. (“Community First”), the holding company of Newton Federal Bank.  Community First sold 3,467,595 shares of its common stock in a subscription offering at $10.00 per share, representing 46% of Community… Read more »

On April 20, 2017, PCSB Bank completed its mutual-to-stock conversion and concurrent initial public offering by PCSB Financial Corporation (“PCSB Financial”), Yorktown Heights, New York, the holding company of PCSB Bank, whereby PCSB Financial sold 17.8 million shares of its common stock at $10.00 per share. As part of the $178.3 million initial public offering,… Read more »