On August 1, 2022, State Employees Federal Credit Union (“SEFCU”), Albany, New York, successfully completed its merger of equals with Capital Communications Federal Credit Union (“CAP COM”), Albany, New York. SEFCU was the continuing credit union in the transaction but changed its name to “Broadview Federal Credit Union” upon the completion of the merger. The… Read more »
Posts By: tames
Luse Gorman Served as Legal Counsel to Everett Co-operative Bank in its Conversion and Related $89.2 Million Stock Offering
On July 27, 2022, Everett Co-operative Bank, Everett, Massachusetts, completed its conversion from the mutual form of organization to the stock form of organization. Concurrently, ECB Bancorp, Inc., the newly formed holding company for Everett Co-operative Bank, completed its initial public offering by selling 8,915,247 shares of its common stock at $10.00 per share. ECB… Read more »
Luse Gorman is Legal Counsel to Somerset Savings Bank, SLA in its Proposed Conversion, Stock Offering and Acquisition of Regal Bancorp, Inc. – First Conversion and Simultaneous Stock Acquisition Since 2008
On July 25, 2022, Somerset Savings Bank, SLA, Bound Brook, New Jersey, adopted a plan of conversion to convert from the mutual to stock form of organization. Somerset Savings also entered into a merger agreement to acquire Regal Bancorp, Inc. Under the terms of the merger agreement, Regal Bancorp shareholders may elect to receive 1.93… Read more »
ALERT – Nasdaq Diversity Matrix Disclosure Deadline Approaching
To our clients and friends: The August 8, 2022 deadline for Nasdaq-listed companies to publicly disclose their board diversity statistics is fast approaching. Our refresher on Nasdaq’s requirements for the disclosure is available here.
Luse Gorman Served as Legal Counsel to Van Wert Federal Savings Bank in its Conversion and Related $19.2 Million Stock Offering
On July 13, 2022, Van Wert Federal Savings Bank, Van Wert, Ohio, completed its conversion from the mutual form of organization to the stock form of organization. Concurrently, VWF Bancorp, Inc., the newly formed holding company for Van Wert Federal, completed its initial public offering by selling 1,922,924 shares of its common stock at $10.00… Read more »