Transactions

Luse Gorman Served as Legal Counsel to Third Century Bancorp in its $10.0 Million Subordinated Debt Issuance

February 8, 2022

On February 4, 2022, Third Century Bancorp, Franklin, Indiana, the holding company for Mutual Savings Bank, completed a private placement of $10.0 million of its 3.75% Fixed-to-Floating Rate Subordinated Notes due 2032.

Luse Gorman served as legal counsel to Third Century Bancorp in the offering. The Luse Gorman team consisted of Benjamin Azoff and Ellie Cook.

Luse Gorman has extensive experience representing issuers in public offerings and private placements of capital stock, debt, and other securities. To learn more about our Capital Markets and Corporate Finance practice, please visit our website.

Luse Gorman is Legal Counsel to Rosedale Federal Savings and Loan Association in its Proposed Merger with CBM Bancorp, Inc.

February 2, 2022

On January 28, 2022, Rosedale Federal Savings and Loan Association, Baltimore, Maryland, entered into a definitive merger agreement to acquire CBM Bancorp, Inc., Baltimore, Maryland, and its wholly owned subsidiary, Chesapeake Bank of Maryland. CBM Bancorp stockholders will receive $17.75 in cash per share of CBM Bancorp common stock. The total merger consideration is valued at approximately $64.4 million.

Luse Gorman Served as Legal Counsel to Lakeland Bancorp, Inc. in its Acquisition of 1st Constitution Bancorp

January 11, 2022

On January 6, 2022, Lakeland Bancorp, Inc., Oak Ridge, New Jersey, the holding company for Lakeland Bank, completed its acquisition of 1st Constitution Bancorp, Cranbury, New Jersey, the holding company for 1st Constitution Bank in an all-stock transaction. The combined organization will be the 5th largest bank headquartered in New Jersey with over $10 billion in assets.

Luse Gorman is Legal Counsel to Citizens Bank of Cape Vincent in its Proposed Merger with Gouverneur Savings and Loan Association

January 7, 2022

On January 6, 2022, Citizens Bank of Cape Vincent, Cape Vincent, New York, announced the signing of a definitive merger agreement with Cambray Mutual Holding Company, Gouverneur Bancorp, Inc. and Gouverneur Savings and Loan Association, Gouverneur, New York, pursuant to which Citizens Bank of Cape Vincent will merge with and into Gouverneur Savings and Loan Association in an all-cash transaction valued at approximately $8.4 million.

Luse Gorman Served as Legal Counsel to BayVanguard Bank in its Completed Acquisition of North Arundel Savings Bank

January 6, 2022

On January 1, 2022, BayVanguard Bank, Edgemere, Maryland, completed its acquisition of North Arundel Savings Bank, Pasadena, Maryland. As part of the acquisition, BV Financial, Inc., the mid-tier holding company of BayVanguard Bank, issued 251,004 shares of its common stock to Bay-Vanguard, M.H.C., BayVanguard Bank’s mutual holding company parent.