Legal Update – Executive Order on Debanking

August 19, 2025

On August 7, 2025, President Trump signed an Executive Order titled “Guaranteeing Fair Banking For All Americans” to combat perceived “politicized or unlawful debanking” practices by regulated financial institutions against persons or entities based on their political affiliations, religious beliefs, or business activities. Our Legal Update, available here, provides an overview of the Executive Order’s requirements and key takeaways for banks and credit unions that may face new scrutiny by their regulators in the area of fair access following the Order.

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Luse Gorman Served as Legal Counsel to Assabet Valley Bancorp in its Mutual-to-Stock Conversion and $191.8 Million Stock Offering

August 4, 2025

On July 31, 2025, Assabet Valley Bancorp, the mutual holding company of Avidia Bank, completed its mutual-to-stock conversion and Avidia Bancorp, Inc., the new stock holding company of Avidia Bank, completed its initial public offering by selling 19,176,250 shares of its common stock at $10.00 per share. As part of the transaction, Avidia Bancorp also funded a newly established charitable foundation with a $10.0 million contribution of cash and stock. Avidia Bancorp’s common stock is listed on the New York Stock Exchange under the symbol “AVBC.”

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Luse Gorman was Legal Counsel to Security Bank, s.b. in its Mutual-to-Stock Conversion and Related $8.9 Million Stock Offering

August 1, 2025

On July 31, 2025, Security Bank, s.b. completed its mutual-to-stock conversion and Security Midwest Bancorp, Inc., the new stock holding company of Security Bank, completed its related initial public offering by selling 889,781 shares of its common stock at $10.00 per share. Security Midwest Bancorp’s common stock is quoted on the OTCQB Market under the symbol “SBMW.”

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