On October 15, 2025, Seneca Bancorp, Inc., Baldwinsville, New York, the holding company for Seneca Savings Bank, National Association, completed its conversion from the mutual holding company to the stock holding company form of organization and its related stock offering. At the same time, Seneca Savings Bank converted its charter from a federal savings association to a national banking association. A total of 1,044,858 shares of common stock were sold in the offering at $10.00 per share. Seneca Bancorp’s common stock is quoted on the OTCQX Market under the symbol “SNNF.”

Luse Gorman served as legal counsel to Seneca Bancorp in the transaction. The Luse Gorman team included Benjamin Azoff, Ellie Cook, Brendan Saxon, Brendan Clegg and Trevor Kline.

Seneca Bancorp had approximately $299.1 million in consolidated assets at June 30, 2025 and provides financial services through five full-service branch locations in Onondaga and Madison Counties in New York.

Since 2000, Luse Gorman has been the leading law firm in the United States in mutual holding company transactions and mutual-to-stock conversions, based on number of transactions. Click here to learn more about our capital markets and corporate finance services.