August 1, 2023
On July 26, 2023, Mercer Savings Bank, Celina, Ohio, completed its conversion from the mutual form of organization to the stock form of organization. Concurrently, Mercer Bancorp, Inc., the newly formed holding company for Mercer Savings Bank, completed its initial public offering by selling 972,970 shares of its common stock at $10.00 per share. Mercer Bancorp’s common stock is listed on the OTCQB Market under the trading symbol “MSBB.”
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July 27, 2023
To our clients and friends:
The SEC recently issued guidance regarding the compliance dates for the new periodic disclosure requirements for issuers with respect to Rule 10b5-1 insider trading plans.
Our Alert regarding the guidance is available here.
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July 24, 2023
On July 21, 2023, Land of Lincoln Credit Union, Decatur, Illinois, completed its acquisition of Colchester State Bank, Colchester, Illinois.
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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.
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July 13, 2023
Luse Gorman, PC is pleased to announce that we were the No. 1 legal advisor in the nation for bank mergers in the first half of 2023, based on both the number of transactions and deal value, as reported by S&P Global Market Intelligence. The firm’s merger transactions also included representing the buyer in the largest U.S. bank deal announced to date in 2023.
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