September 21, 2022

On September 16, 2022, Citizens Bank of Cape Vincent, a New York commercial bank, completed its merger with Gouverneur Savings and Loan Association, a New York savings and loan association, which is a wholly owned subsidiary of Gouverneur Bancorp. Inc., a federally chartered holding company, whose parent company is Cambray Mutual Holding Company, a federally chartered mutual holding company. The cash transaction was valued at approximately $8.5 million and the consolidated assets of the combined company are approximately $217.2 million.

Luse Gorman served as legal counsel to Citizens Bank of Cape Vincent in the transaction. The Luse Gorman team consisted of Jeffrey Cardone, Steve Lanter, Scott Brown, and Max Seltzer.

Luse Gorman has acted as counsel on more than 100 bank M&A transactions during the past five years and more bank M&A transactions than any other law firm in the nation over the past 20 years. To learn more about our mergers and acquisitions practice, please visit our website.