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.

The combined institution will have approximately $210 million in total assets and five offices in two counties in Northern New York.

Luse Gorman is serving as legal counsel to Citizens Bank of Cape Vincent in the transaction. The Luse Gorman team consists of Jeffrey Cardone, Scott Brown, Steven Lanter, Max Seltzer and Babette Schwartz.

Luse Gorman has acted as counsel on more than 100 bank M&A transactions during the past five years and more bank 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.