Transactions

Luse Gorman Served as Legal Counsel to Blue Federal Credit Union in its $10.0 Million Subordinated Debt Issuance

November 20, 2024

Blue Federal Credit Union, a federally chartered credit union headquartered in Cheyenne, Wyoming, has successfully completed a private placement of $10.0 million of subordinated notes. The subordinated notes are intended to qualify as subordinated debt under NCUA rules and are considered regulatory capital in the calculation of Blue Federal Credit Union’s net worth ratio and risk-based capital ratio.

Luse Gorman Served as Legal Counsel to Empeople Credit Union in its Acquisition of TSB Bank

November 18, 2024

On October 31, 2024, Empeople Credit Union, Moline, Illinois, completed its acquisition of TSB Bank, Lomira, Wisconsin. Following the completion of the acquisition, Empeople Credit Union has approximately $2.2 billion in assets.

Luse Gorman served as legal counsel to Empeople in the transaction. The Luse Gorman team consisted of Jeff Cardone, Michael Brown, Ned Quint, Brendan Saxon, Babette Schwartz, 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 and 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.

Luse Gorman Served as Legal Counsel to Monroe Federal Savings and Loan Association in its Conversion and Related $5.3 Million Stock Offering

October 25, 2024

On October 23, 2024, Monroe Federal Savings and Loan Association, Tipp City, Ohio, completed its conversion from the mutual to stock form of organization. Concurrently with the conversion, Monroe Federal Bancorp, Inc. (“Monroe Federal Bancorp”), the newly formed holding company for Monroe Federal, completed its initial public offering by selling 526,438 shares of its common stock at $10.00 per share. Monroe Federal Bancorp’s common stock is quoted the OTCQB Market under the symbol “MFBI”.

Luse Gorman Served as Legal Counsel to Fidelity Bank in its Conversion and Related $198.4 Million Stock Offering

October 24, 2024

On October 22, 2024, Fidelity Bank, New Orleans, Louisiana, completed its conversion from the mutual to stock form of organization. Concurrently with the conversion, FB Bancorp, Inc. (“FB Bancorp”), the newly formed holding company for Fidelity Bank, completed its initial public offering by selling 19,837,500 shares of its common stock at $10.00 per share. FB Bancorp’s common stock trades on the Nasdaq Capital Market under the symbol “FBLA.”

Luse Gorman Served as Legal Counsel to Arlo Financial Holdings, Inc. in its Acquisition of Systematic Savings Bank

October 9, 2024

On October 1, 2024, Arlo Financial Holdings, Inc., a newly formed Missouri corporation, completed its merger with Systematic Savings Bank, thereby becoming its registered bank holding company and changing the name of the bank to Arlo Bank. The Luse Gorman team consisted of Steven Lanter, Ben Azoff and Brendan Saxon.