The number of conversion transactions announced in the first quarter of 2021 has already exceeded the total number of transactions for all of 2020. Currently, there are 11 mutual-to-stock conversions, second-step conversions and mutual holding company minority stock issuances pending, with two conversions already completed in January. Luse Gorman is counsel in nine of these… Read more »
Posts By: tames
Luse Gorman Served as Legal Counsel to Bogota Savings Bank in its Completed Merger with Gibraltar Bank
On February 28, 2021, Bogota Savings Bank, Teaneck, New Jersey, completed its merger with Gibraltar Bank, Parsippany, New Jersey. As part of the merger, Bogota Financial Corp., the holding company for Bogota Savings Bank, issued 1,267,916 shares of its common stock to Bogota Financial, MHC, Bogota Financial Corp.’s mutual holding company parent, equal to the… Read more »
NCUA Issues Final Rule on Subordinated Debt
On December 17, 2020, the NCUA adopted a final rule expanding access to subordinated debt and modifying the NCUA’s existing secondary capital rules for low-income designated credit unions.
Luse Gorman Served as Legal Counsel to BV Financial, Inc. in its Completed Acquisition of Delmarva Bancshares, Inc.
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… Read more »
Luse Gorman Served as Legal Counsel to ES Bancshares, Inc. in its $14 Million Subordinated Debt Issuance
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,… Read more »