News & Events

Luse Gorman Served as Legal Counsel to Gesa Credit Union in its Acquisition of Security State Bank

June 24, 2025

On May 31, 2025, Gesa Credit Union (“Gesa”), Richland, Washington, completed its purchase of substantially all assets and assumption of substantially all liabilities of Security State Bank, Centralia, Washington, the wholly-owned subsidiary of Security State Corporation. Following the completion of the transaction, Gesa has approximately $6.4 billion in assets and a network of 43 banking locations across Washington.

Luse Gorman Served as Legal Counsel to First Bank in its $35.0 Million Subordinated Debt Issuance

June 20, 2025

On June 18, 2025, First Bank, Hamilton, New Jersey, completed a private offering of $35.0 million of 7.125% Fixed-to-Floating Rate Subordinated Notes due 2035.

First Bank operates 27 full-service branches in New Jersey, Pennsylvania and Palm Beach, Florida.

Luse Gorman served as legal counsel to First Bank in the offering. The Luse Gorman team consisted of Marc Levy, Ellie Cook and Lawrence M.F. Spaccasi.

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 Served as Legal Counsel to Chemung Financial Corporation in its $45.0 Million Subordinated Debt Issuance

June 12, 2025

On June 10, 2025, Chemung Financial Corporation, Elmira, New York, the holding company for Chemung Canal Trust Company, completed a private offering of $45.0 million of 7.75% Fixed-to-Floating Rate Subordinated Notes due 2035.

Luse Gorman Served as Legal Counsel to Orange County Bancorp, Inc. in its $46.0 Million Equity Offering

June 11, 2025

On June 5, 2025, Orange County Bancorp, Inc. closed the underwritten public offering of 1,720,430 shares of common stock at an offering price of $23.25 per share. Additionally, on June 9, 2025, the underwriters completed the sale of the overallotment option of 258,064 additional shares of common stock at the offering price of $23.25 per share. In aggregate, the gross proceeds of the offering were $46.0 million.

Luse Gorman is Legal Counsel to Provident Bancorp, Inc. in its Proposed Merger with NB Bancorp, Inc.

June 10, 2025

On June 5, 2025, Provident Bancorp, Inc., Amesbury, Massachusetts, announced the signing of a merger agreement with NB Bancorp, Inc., Needham, Massachusetts, pursuant to which Provident Bancorp will merge with and into NB Bancorp in a cash and stock transaction valued at approximately $211.8 million.