News & Events

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.

Luse Gorman Served as Legal Counsel to Hoyne Savings Bank in its Completed Acquisition of Loomis Federal Savings and Loan Association

October 20, 2020

On October 16, 2020, Hoyne Savings Bank, Chicago, Illinois, completed its acquisition of Loomis Federal Savings and Loan Association, Chicago, Illinois.

Hoyne Savings Bank is an Illinois-chartered stock savings bank with approximately $510 million in total assets and nine full-service branch offices in the Chicagoland area.

Luse Gorman served as legal counsel to Hoyne Savings Bank in the transaction. The Luse Gorman team consisted of Kip Weissman, Benjamin Azoff, Thomas 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 Pathfinder Bancorp, Inc. in its $25.0 Million Subordinated Debt Issuance

October 16, 2020

On October 14, 2020, Pathfinder Bancorp, Inc., Oswego, New York, the holding company for Pathfinder Bank, successfully completed a private placement of $25.0 million of its 5.50% 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 Pathfinder Bancorp, Inc. in the offering. The Luse Gorman team consisted of Benjamin Azoff, Gregory M. Sobczak and Jeffrey Cardone.

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.