July 24, 2023

On July 19, 2023, Oconee Federal Savings and Loan Association (“Oconee Federal”), Seneca, South Carolina, entered into a merger agreement with Mutual Savings Bank, Hartsville, South Carolina. Pursuant to the merger agreement, Mutual Savings Bank will merge with and into Oconee Federal. At the closing of the merger, Oconee Federal’s holding company, Oconee Federal Financial Corp., will issue stock to its mutual holding company parent, Oconee Federal, MHC, in an amount equal to the appraised value of Mutual Savings Bank.

Oconee Federal Financial Corp. is the publicly traded mid-tier stock holding company for Oconee Federal and has approximately $588 million in total assets.

Mutual Savings Bank is a mutual institution that has approximately $51 million in total assets.

Luse Gorman is serving as legal counsel to Oconee Federal, Oconee Federal Financial Corp. and Oconee Federal, MHC in the transaction. The Luse Gorman team consists of Kip Weissman, Ned Quint, Max Seltzer and Brendan Saxon.

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.