February 6, 2024

On January 31, 2024, Oconee Federal Savings and Loan Association (“Oconee Federal”), Seneca, South Carolina, completed its acquisition of Mutual Savings Bank, Hartsville, South Carolina.  In addition, Oconee Federal’s holding company, Oconee Federal Financial Corp., issued $3.2 million of stock to its mutual holding company parent, Oconee Federal, MHC, as consideration for the transaction based upon an 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 $660 million in total assets.

Luse Gorman served as legal counsel to Oconee Federal, Oconee Federal Financial Corp. and Oconee Federal, MHC in the transaction.  The Luse Gorman team consisted 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.