January 4, 2024
On January 2, 2024, Piedmont Federal Savings Bank, Winston-Salem, North Carolina, completed its acquisition of Wake Forest Bancshares, Inc., Wake Forest, North Carolina, in an all-cash “remutualization” transaction valued at approximately $14.9 million. As a remutualization transaction, the merger involved novel pricing issues regarding the acquisition of mutual holding companies with public stockholders by mutually owned institutions.
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January 3, 2024
On December 21, 2023, Blue Federal Credit Union, a federally chartered credit union headquartered in Cheyenne, Wyoming, successfully completed a private placement of $15.0 million of subordinated notes. The subordinated notes are intended to qualify as subordinated debt under NCUA rules and are considered regulatory capital in the calculation of Blue Federal Credit Union’s net worth ratio and risk-based capital ratio.
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December 12, 2023
On December 8, 2023, CB Financial Services, Inc., Washington, Pennsylvania, the holding company for Community Bank, completed the sale of its insurance agency subsidiary, Exchange Underwriters, Inc., to World Insurance Associates, LLC.
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December 7, 2023
On December 7, 2023, Gorham Savings Bank, Gorham, Maine, and Maine Community Bank, Biddeford, Maine, announced their agreement to form a strategic partnership through the merger of the two banks and their parent holding companies. The merger creates the second largest mutual savings bank in Maine with nearly $2.7 billion in assets.
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December 6, 2023
On November 30, 2023, Evans Bancorp, Inc., Williamsville, New York, the holding company for Evans Bank, N.A., completed the sale of its insurance subsidiary, The Evans Agency, to Arthur J. Gallagher & Co.
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