Luse Gorman Served as Legal Counsel to Lake Shore Bancorp, Inc. in its Conversion and Related $49.5 Million Stock Offering

July 21, 2025

On July 18, 2025, Lake Shore Bancorp, Inc., Dunkirk, New York, the holding company for Lake Shore 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 4,950,460 shares of common stock were sold in the offering at a price of $10.00 per share. Lake Shore Bancorp’s common stock trades on the Nasdaq Global Market under the symbol “LSBK.”

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

June 26, 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.

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Luse Gorman Served as Legal Counsel to Gesa Credit Union in its Acquisition of Security State Bank

June 24, 2025

On May 31, 2025, Gesa Credit Union (“Gesa”), Richland, Washington, completed its purchase of substantially all assets and assumption of substantially all liabilities of Security State Bank, Centralia, Washington, the wholly-owned subsidiary of Security State Corporation. Following the completion of the transaction, Gesa has approximately $6.4 billion in assets and a network of 43 banking locations across Washington.

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