January 12, 2022
We are pleased to announce that Luse Gorman, PC has again received the No. 1 National Ranking as legal counsel for mutual-to-stock conversions and mutual holding company transactions, as reported by S&P Global Market Intelligence, for transactions completed in 2021. Luse Gorman was the legal advisor on more mutual-to-stock conversion and mutual holding company stock offerings in 2021 than all other law firms combined. Additionally, Luse Gorman has been the No. 1 ranked law firm for mutual-to-stock conversions and mutual holding company stock offerings each year for the past 20 years.
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January 11, 2022
On January 6, 2022, Lakeland Bancorp, Inc., Oak Ridge, New Jersey, the holding company for Lakeland Bank, completed its acquisition of 1st Constitution Bancorp, Cranbury, New Jersey, the holding company for 1st Constitution Bank in an all-stock transaction. The combined organization will be the 5th largest bank headquartered in New Jersey with over $10 billion in assets.
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January 7, 2022
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.
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January 6, 2022
On January 1, 2022, BayVanguard Bank, Edgemere, Maryland, completed its acquisition of North Arundel Savings Bank, Pasadena, Maryland. As part of the acquisition, BV Financial, Inc., the mid-tier holding company of BayVanguard Bank, issued 251,004 shares of its common stock to Bay-Vanguard, M.H.C., BayVanguard Bank’s mutual holding company parent.
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January 5, 2022
On December 29, 2021, First Financial Credit Union, Skokie, Illinois completed a private placement of $2.0 million of its 4.25% fixed rate subordinated notes due January 1, 2032. The subordinated notes are intended to qualify as secondary capital under NCUA rules.
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