September 15, 2020
On September 11, 2020, Martinsville First Savings Bank, a savings bank headquartered in Martinsville, Virginia (“Martinsville”), and First Mutual Holding Co., a mutual holding company headquartered in Lakewood, Ohio (“First Mutual”), announced the signing of a definitive merger agreement pursuant to which First Mutual will acquire Martinsville and hold it as a separate bank subsidiary.
Luse Gorman is serving as legal counsel to Martinsville in the transaction. The Luse Gorman team consists of Kip A. Weissman, Benjamin M. Azoff and Max Seltzer.
Martinsville is a federal mutual savings bank with approximately $40.0 million in total assets.
First Mutual is the federal mutual holding company of First Federal Lakewood, First Mutual Bank, Warsaw Federal Savings and Loan Association and Blue Grass Federal Savings and Loan Association with approximately $2.3 billion in total assets.
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.
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September 14, 2020
On September 9, 2020, Northwest Bancshares, Inc., Warren, Pennsylvania, the holding company for Northwest Bank, successfully completed a public offering of $125.0 million of its 4.00% Fixed-to-Floating Rate Subordinated Notes due 2030 (the "Notes"). The Notes are intended to qualify as Tier 2 capital for regulatory purposes.
Luse Gorman served as legal counsel to Northwest Bancshares, Inc. in the offering. The Luse Gorman team consisted of Marc Levy, Ned Quint 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.
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September 9, 2020
On September 3, 2020, Bogota Savings Bank, Bogota Financial Corp. and Bogota Financial, MHC, each of Teaneck, New Jersey, entered into a merger agreement with Gibraltar Bank, Parsippany, New Jersey, pursuant to which Gibraltar Bank will merge with and into Bogota Savings Bank. The merger is expected to increase Bogota Financial Corp.’s consolidated assets from approximately $738.7 million at June 30, 2020 to approximately $846.0 million. As part of the merger, Bogota Financial Corp. will issue additional shares of its common stock to Bogota Financial, MHC, Bogota’s mutual holding company parent, equal to the fair value of Gibraltar Bank as determined by an independent appraisal.
Luse Gorman is serving as legal counsel to Bogota in the transaction. The Luse Gorman team consists of Kent M. Krudys, Scott A. Brown, Zachary Davis and Brendan Saxon.
Bogota Savings Bank operates from two offices located in Bogota and Teaneck, New Jersey in Bergen County.
Gibraltar Bank operates from three offices located in Newark, Oak Ridge and Parsippany, New Jersey in Morris and Essex Counties.
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.
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August 6, 2020
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August 5, 2020
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