Transactions

Luse Gorman is Legal Counsel to Mid-Southern Bancorp, Inc. in its Proposed Acquisition by Beacon Credit Union

January 30, 2024

On January 25, 2024, Mid-Southern Bancorp, Inc. and its wholly-owned subsidiary, Mid-Southern Savings Bank, FSB, announced the signing of a definitive purchase and assumption agreement with Beacon Credit Union, pursuant to which Beacon Credit Union will acquire the assets and assume the liabilities of Mid-Southern Savings Bank, FSB in an all cash transaction.

Luse Gorman is Legal Counsel to Catskill Hudson Bank in its Proposed Merger with Hudson Valley Credit Union

January 11, 2024

On January 9, 2024, Catskill Hudson Bank, Kingston, NY and its parent company, Catskill Hudson Bancorp, Inc., announced the signing of a definitive merger agreement with Hudson Valley Credit Union, Poughkeepsie, NY, pursuant to which Catskill Hudson Bank will merge with and into Hudson Valley Credit Union, with Hudson Valley Credit Union as the surviving institution in a series of transactions. Pursuant to the merger agreement, stockholders of Catskill Hudson Bancorp, Inc. will receive $40.50 in cash for each share of common stock held, representing an aggregate purchase price of approximately $28.6 million.

Luse Gorman Served as Legal Counsel to Needham Bank in its Conversion and Related $410.0 Million Stock Offering

January 9, 2024

On December 27, 2023, NB Financial, MHC, Needham, Massachusetts, completed its conversion from a mutual holding company to a stock holding company. Concurrently with the conversion, NB Bancorp, Inc. (the “Company”), the newly formed holding company for Needham Bank, completed its initial public offering by selling 40,997,500 shares of its common stock at $10.00 per share. The Company also contributed 1,708,229 shares of common stock and $2.0 million in cash to Needham Bank Charitable Foundation, Inc., a charitable foundation formed in connection with the conversion. The Company’s common stock trades on the Nasdaq Capital Market under the symbol “NBBK.”

Luse Gorman Served as Legal Counsel to 1831 Bancorp, MHC and 1831 Bancorp, Inc. in a Merger of Equals with South Shore Bancorp, MHC and South Shore Bancorp, Inc.

January 8, 2024

Luse Gorman Served as Legal Counsel to Piedmont Federal Savings Bank in its Acquisition of Wake Forest Bancshares, Inc.

January 4, 2024

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.