August 21, 2023

Washington, DC, August 21, 2023. For Immediate Release. Luse Gorman, PC is pleased to announce that Brendan Clegg has joined the Washington, DC law firm as a partner. Mr. Clegg was most recently at Alston & Bird LLP. With his addition to the partnership, Luse Gorman builds upon its unparalleled experience in the financial services industry, expanding and deepening its capabilities in regulatory and enforcement matters.


Alert – SEC Adopts Disclosure Rules on Cybersecurity Incidents, Risk Management, Strategy, and Governance

August 7, 2023

To our clients and friends:

The SEC recently approved amendments to Rule 10b5-1 regarding insider trading plans to revise the conditions that must be met for insiders to be able to use the 10b5-1 affirmative defense including, among other things, cooling-off periods, representations from plan participants and new periodic disclosure requirements for issuers and their insiders.

Our Alert regarding the new requirements is available here.


Luse Gorman is Legal Counsel to Harborstone Credit Union in its Proposed Acquisition of First Sound Bank

August 3, 2023

On August 1, 2023, Harborstone Credit Union, Lakewood, Washington, announced that it had entered into a purchase and assumption agreement to acquire substantially all the assets and assume substantially all the liabilities of First Sound Bank, Seattle, Washington. Following the completion of the acquisition, First Sound Bank will distribute the net transaction proceeds to its stockholders. The distribution to stockholders is estimated to be between $6.90 and $7.10 per share of First Sound Bank common stock, subject to adjustment based on a minimum equity target.


Luse Gorman Served as Legal Counsel to BV Financial, Inc. in its Conversion and Related $98.0 Million Stock Offering

August 2, 2023

On July 31, 2023, BV Financial, Inc., Baltimore, Maryland, the holding company for BayVanguard Bank, completed its conversion from the mutual holding company to the stock holding company form of organization and its related stock offering. A total of 9,798,980 shares of common stock were sold in the offering at a price of $10.00 per share. The Company’s common stock trades on the Nasdaq Capital Market under the symbol “BVFL.”


Luse Gorman Served as Legal Counsel to Mercer Savings Bank in its Mutual-to-Stock Conversion and Related $9.7 Million Stock Offering

August 1, 2023

On July 26, 2023, Mercer Savings Bank, Celina, Ohio, completed its conversion from the mutual form of organization to the stock form of organization. Concurrently, Mercer Bancorp, Inc., the newly formed holding company for Mercer Savings Bank, completed its initial public offering by selling 972,970 shares of its common stock at $10.00 per share. Mercer Bancorp’s common stock is listed on the OTCQB Market under the trading symbol “MSBB.”