Luse Gorman Served as Legal Counsel to Piedmont Federal Savings Bank in its Acquisition of Wake Forest Bancshares, Inc.
On January 2, 2024, Piedmont Federal Savings Bank, Winston-Salem, North Carolina, completed its acquisition of Wake Forest Bancshares, Inc., Wake Forest, North Carolina, in an all-cash “remutualization” transaction valued at approximately $14.9 million. As a remutualization transaction, the merger involved novel pricing issues regarding the acquisition of mutual holding companies with public stockholders by mutually owned institutions.
Read More...Luse Gorman Served as Legal Counsel to Blue Federal Credit Union in its $15.0 Million Subordinated Debt Issuance
On December 21, 2023, Blue Federal Credit Union, a federally chartered credit union headquartered in Cheyenne, Wyoming, successfully completed a private placement of $15.0 million of subordinated notes. The subordinated notes are intended to qualify as subordinated debt under NCUA rules and are considered regulatory capital in the calculation of Blue Federal Credit Union’s net worth ratio and risk-based capital ratio.
Read More...Luse Gorman Served as Legal Counsel to CB Financial Services, Inc. in the Sale of its Insurance Agency Subsidiary to World Insurance Associates, LLC
On December 8, 2023, CB Financial Services, Inc., Washington, Pennsylvania, the holding company for Community Bank, completed the sale of its insurance agency subsidiary, Exchange Underwriters, Inc., to World Insurance Associates, LLC.
Read More...Luse Gorman is Legal Counsel to Gorham Savings Bank in its Proposed Merger of Equals with Maine Community Bank
On December 7, 2023, Gorham Savings Bank, Gorham, Maine, and Maine Community Bank, Biddeford, Maine, announced their agreement to form a strategic partnership through the merger of the two banks and their parent holding companies. The merger creates the second largest mutual savings bank in Maine with nearly $2.7 billion in assets.
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