On April 14, 2021, Marathon Bank, Wausau, Wisconsin, completed its reorganization from a mutual savings bank to the mutual holding company form of organization. Concurrently with the reorganization, Marathon Bancorp, Inc., the newly formed holding company for Marathon Bank, completed its initial public offering. Marathon Bancorp, Inc. sold 1,003,274 shares of its common stock in… Read more »
Posts By: tames
Luse Gorman is Legal Counsel to Northwest Bank in the Proposed Sale of its Insurance Subsidiary to USI Insurance Services LLC
On April 1, 2021, Northwest Bank, Warren, Pennsylvania, entered into an agreement to sell its insurance subsidiary, Northwest Insurance Services, to USI Insurance Services LLC. Northwest Bank, which is the wholly-owned subsidiary of Northwest Bancshares, Inc., operates 162 full-service community banking offices and eight free standing drive through facilities in Pennsylvania, New York, Ohio and… Read more »
Early 2021 Sees a Significant Increase in Mutual-to-Stock Conversion Activity
The number of conversion transactions announced in the first quarter of 2021 has already exceeded the total number of transactions for all of 2020. Currently, there are 11 mutual-to-stock conversions, second-step conversions and mutual holding company minority stock issuances pending, with two conversions already completed in January. Luse Gorman is counsel in nine of these… Read more »
Luse Gorman Served as Legal Counsel to Bogota Savings Bank in its Completed Merger with Gibraltar Bank
On February 28, 2021, Bogota Savings Bank, Teaneck, New Jersey, completed its merger with Gibraltar Bank, Parsippany, New Jersey. As part of the merger, Bogota Financial Corp., the holding company for Bogota Savings Bank, issued 1,267,916 shares of its common stock to Bogota Financial, MHC, Bogota Financial Corp.’s mutual holding company parent, equal to the… Read more »
NCUA Issues Final Rule on Subordinated Debt
On December 17, 2020, the NCUA adopted a final rule expanding access to subordinated debt and modifying the NCUA’s existing secondary capital rules for low-income designated credit unions.