News & Events

Luse Gorman Served as Legal Counsel to BV Financial, Inc. in its Completed Acquisition of Delmarva Bancshares, Inc.

November 5, 2020

On October 31, 2020, BV Financial, Inc., Baltimore, Maryland, the holding company for BayVanguard Bank, completed its acquisition of Delmarva Bancshares, Inc., Cambridge, Maryland, and its wholly owned subsidiary, 1880 Bank.

Delmarva Bancshares shareholders received $8.90 in cash per share of Delmarva Bancshares common and preferred stock.

BayVanguard Bank has approximately $800 million in total assets and operates ten branches in the Baltimore metropolitan area and six banking offices in the Eastern Shore of Maryland and Delmarva Peninsula.

Luse Gorman served as legal counsel to BV Financial in the transaction. The Luse Gorman team consisted of Scott A. Brown, Thomas P. Hutton and Zachary Davis.

Luse Gorman has served as counsel on more than 100 financial institution mergers and acquisitions during the past five years, which is more than any other legal advisor during that time period. To learn more about our mergers and acquisitions practice, please visit our website.

Luse Gorman Served as Legal Counsel to ES Bancshares, Inc. in its $14 Million Subordinated Debt Issuance

November 4, 2020

On October 28, 2020, ES Bancshares, Inc., Newburgh, New York, the holding company for Empire State Bank, completed a private placement of $14.0 million of its 6.00% Fixed-to-Floating Rate Subordinated Notes due 2030. The notes are intended to qualify as Tier 2 capital for regulatory purposes.

Luse Gorman served as legal counsel to ES Bancshares, Inc. in the offering. The Luse Gorman team consisted of Kip Weissman, Steven Lanter and Ellie Cook.

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 is Legal Counsel to Edgewater Bancorp, Inc. in its Proposed Acquisition by United Federal Credit Union

November 3, 2020

On October 27, 2020, Edgewater Bancorp, Inc. (“Edgewater”), St. Joseph, Michigan, the holding company for Edgewater Bank, and United Federal Credit Union (“United”), St. Joseph, Michigan, announced that they had signed a definitive purchase and assumption agreement, pursuant to which United will acquire the assets and assume the liabilities of Edgewater Bank in an all cash transaction. Following the completion of the acquisition, Edgewater will settle its remaining obligations and distribute its remaining cash to its stockholders. The distribution to stockholders is currently estimated to be between $39.47 and $43.22 per share of Edgewater common stock.

United consists of more than 177,000 members and manages assets in excess of $3.2 billion. United operates 37 branches in Michigan, Arkansas, Indiana, Nevada, North Carolina and Ohio.

Edgewater Bank operates five bank branches and two loan production offices in Michigan. Edgewater had approximately $249.1 million in assets as of September 30, 2020.

Luse Gorman is serving as legal counsel to Edgewater in the transaction. The Luse Gorman team consists of Kip Weissman, Michael Brown, Beverly White and Ellie Cook.

Luse Gorman has served as counsel on more than 100 financial institution mergers and acquisitions during the past five years, which is more than any other legal advisor during that time period. To learn more about our mergers and acquisitions practice, please visit our website.

Luse Gorman Served as Legal Counsel to Rhinebeck Bank in its Proposed Branch Acquisition with ConnectOne Bank

October 26, 2020

On October 26, 2020, Rhinebeck Bank, Poughkeepsie, New York, entered into an agreement pursuant to which it will acquire two branch offices in Monroe and Warwick, New York from ConnectOne Bank, Englewood Cliffs, New Jersey. The transaction is expected to add more than $50 million in deposits for Rhinebeck Bank.

Luse Gorman served as legal counsel to Rhinebeck Bank in the transaction. The Luse Gorman team consisted of Scott Brown, Jeff Cardone and Ellie Cook.

Rhinebeck Bank, which has approximately $1.13 billion in assets, provides a full range of banking and financial services to consumer and commercial customers through its 11 branches and two representative offices located in Dutchess, Ulster, Orange and Albany counties, New York.

Luse Gorman has extensive experience representing financial institutions in corporate transactions, equity and debt offerings, and corporate governance, regulatory and employee benefits matters. To learn more about our practice, please visit our website.

Luse Gorman Served as Legal Counsel to BV Financial, Inc. in its $35.0 Million Subordinated Debt Issuance

October 22, 2020

On October 21, 2020, BV Financial, Inc., Baltimore, Maryland, the holding company for BayVanguard Bank, completed a private placement of $35.0 million of its 4.875% Fixed-to-Floating Rate Subordinated Notes due 2030. The notes are intended to qualify as Tier 2 capital for regulatory purposes.

Luse Gorman served as legal counsel to BV Financial in the offering. The Luse Gorman team consisted of Scott Brown and Zachary Davis.

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.