June 26, 2025
On June 24, 2025, Community Bank, N.A. (“Community Bank”), a subsidiary of Community Financial System, Inc., entered into a Purchase and Assumption Agreement with Santander Bank, N.A., to acquire seven branch locations in the Allentown, PA area. Under the agreement, Community Bank will assume approximately $600 million in deposits and purchase approximately $33 million in branch-related loans. In addition, Community Bank will purchase related wealth management relationships.
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June 24, 2025
On May 31, 2025, Gesa Credit Union (“Gesa”), Richland, Washington, completed its purchase of substantially all assets and assumption of substantially all liabilities of Security State Bank, Centralia, Washington, the wholly-owned subsidiary of Security State Corporation. Following the completion of the transaction, Gesa has approximately $6.4 billion in assets and a network of 43 banking locations across Washington.
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June 20, 2025
On June 18, 2025, First Bank, Hamilton, New Jersey, completed a private offering of $35.0 million of 7.125% Fixed-to-Floating Rate Subordinated Notes due 2035.
First Bank operates 27 full-service branches in New Jersey, Pennsylvania and Palm Beach, Florida.
Luse Gorman served as legal counsel to First Bank in the offering. The Luse Gorman team consisted of Marc Levy, Ellie Cook and Lawrence M.F. Spaccasi.
Luse Gorman has extensive experience representing issuers in public offerings and private placements of capital stock, debt, and other securities. To learn more about our Capital Markets and Corporate Finance practice, please visit our website.
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June 12, 2025
On June 10, 2025, Chemung Financial Corporation, Elmira, New York, the holding company for Chemung Canal Trust Company, completed a private offering of $45.0 million of 7.75% Fixed-to-Floating Rate Subordinated Notes due 2035.
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June 11, 2025
On June 5, 2025, Orange County Bancorp, Inc. closed the underwritten public offering of 1,720,430 shares of common stock at an offering price of $23.25 per share. Additionally, on June 9, 2025, the underwriters completed the sale of the overallotment option of 258,064 additional shares of common stock at the offering price of $23.25 per share. In aggregate, the gross proceeds of the offering were $46.0 million.
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