News & Events

Luse Gorman is Legal Counsel to Community Bank, N.A. in its Proposed Acquisition of Seven Pennsylvania Branches from Santander Bank, N.A.

June 1, 2025

On June 24, 2025, Community Bank, N.A. (“Community Bank”), a subsidiary of Community Financial System, Inc., entered into a Purchase and Assumption Agreement with Santander Bank, N.A., to acquire seven branch locations in the Allentown, PA area. Under the agreement, Community Bank will assume approximately $600 million in deposits and purchase approximately $33 million in branch-related loans. In addition, Community Bank will purchase related wealth management relationships.

Luse Gorman is Legal Counsel to Avenir Financial Federal Credit Union in its Proposed Acquisition of Mission Bank

May 29, 2025

On May 26, 2025, it was announced that Community Bancshares, Inc., the bank holding company for Mission Bank, Kingman, Arizona, had entered into a definitive agreement with Avenir Financial Federal Credit Union (“Avenir”), Yuma, Arizona, pursuant to which Avenir will acquire substantially all the assets and assume substantially all the liabilities of Mission Bank.

Luse Gorman is Legal Counsel to CFSB Bancorp, Inc. in its Proposed Acquisition by Hometown Financial Group, Inc.

May 23, 2025

On May 20, 2025, CFSB Bancorp, Inc., Quincy, Massachusetts, entered into a definitive merger agreement with Hometown Financial Group, Inc., Easthampton, Massachusetts, under which Hometown Financial Group will acquire CFSB Bancorp. CFSB Bancorp stockholders will receive $14.25 in cash per share of CFSB Bancorp common stock for total merger consideration of approximately $44 million. As a part of the transaction, Colonial Federal Savings Bank, the banking subsidiary of CFSB Bancorp, will merge with and into North Shore Bank, a banking subsidiary of Hometown Financial Group.

Luse Gorman Served as Legal Counsel to Pima Federal Credit Union in its Completed Acquisition of Republic Bank of Arizona

May 14, 2025

On May 2, 2025, Pima Federal Credit Union, Tucson, Arizona, completed its acquisition of Republic Bank of Arizona, Phoenix, Arizona, the wholly-owned subsidiary of RBAZ Bancorp, Inc. Following the completion of the acquisition, Pima Federal Credit Union has approximately $1.5 billion in assets and a network of thirteen banking locations.

Luse Gorman served as legal counsel to Pima Federal Credit Union in the transaction. The Luse Gorman team consisted of Jeff Cardone, Michael Brown, Brendan Clegg and Keeler Fina.

Luse Gorman has acted as counsel on more than 150 bank and credit union M&A transactions during the past ten years, including more than 40 transactions involving credit union acquisitions of banks, and on more bank and credit union 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.