On January 9, 2025, ESSA Bancorp, Inc., Stroudsburg, Pennsylvania, announced the signing of a merger agreement with CNB Financial Corporation, Clearfield, Pennsylvania, pursuant to which ESSA Bancorp will merge with and into CNB Financial Corporation in an all-stock transaction valued at approximately $214 million. ESSA Bancorp President and CEO Gary Olson, ESSA Bancorp Chairman Robert… Read more »
Posts By: tames
Alert – Vol. 13 of The Bankers’ Bulletin
To our clients and friends: Luse Gorman’s monthly Bankers’ Bulletin publication is back in 2025, featuring a brand new design and some added content designed to help you keep up with the most important issues from across the banking industry. We will still be sending out a new edition at the beginning of every month,… Read more »
Luse Gorman is Legal Counsel to Zeal Credit Union in its Proposed Acquisition of Gogebic Range Bank
On December 30, 2024, Zeal Credit Union (“Zeal”), Livonia, Michigan, announced that it had entered into a definitive agreement to acquire substantially all the assets and assume substantially all the liabilities of Gogebic Range Bank, Ironwood, Michigan, the wholly-owned subsidiary of West End Financial Corp. Zeal has approximately $839 million in assets and operates 12… Read more »
Luse Gorman Served as Legal Counsel to Gorham Savings Bank in its Merger of Equals with Maine Community Bank
On January 1, 2025, Gorham Savings Bank, Gorham, Maine and Maine Community Bank, Biddeford, Maine completed a merger of equals forming a mutual savings bank with nearly $3.0 billion in assets and 21 branches throughout Maine. Luse Gorman served as legal counsel to Gorham Savings Bank in the transaction. The Luse Gorman team consisted of… Read more »
Client Alert – NCUA Guidance on Overdraft & NSF Fees
To our clients and friends: On December 10, the National Credit Union Administration issued to all federally insured credit unions Letter 24-CU-03 entitled “Consumer Harm Stemming from Certain Overdraft and Non-Sufficient Funds Fee Practices.” The guidance describes certain fee practices that the NCUA believes are likely considered “unfair” or “deceptive” practices under federal law, exposing… Read more »