December 16, 2016

On December 16, 2016, Hometown Bancorp MHC, Walden, New York, and its wholly-owned subsidiaries, Hometown Bancorp, Inc. and Hometown Bank of the Hudson Valley (together, “Hometown”) entered into a definitive merger agreement with Wallkill Valley Federal Savings and Loan Association (“Wallkill”), a mutual savings and loan association in Wallkill, New York, pursuant to which Hometown will merge with and into Wallkill, with Wallkill as the surviving entity, for total merger consideration of approximately $7.0 million in cash. The transaction is a unique remutualization of a public mutual holding company.

Luse Gorman served as legal counsel to Hometown in the transaction. The Luse Gorman team was led by Benjamin M. Azoff (Corporate/M&A) and Lawrence M.F. Spaccasi (Corporate/M&A), and included Jeffrey M. Cardone (Executive Compensation) and Zachary Davis (Corporate/M&A).

Hometown Bancorp, Inc. has approximately $123 million in total consolidated assets and operates four branch offices and two loan offices in Orange and Ulster Counties, New York.

Wallkill has approximately $194 million in total assets and operates four banking offices in Ulster and Orange Counties, New York.