Transactions

Luse Gorman is Legal Counsel to Catskill Hudson Bank in its Proposed Merger with Hudson Valley Credit Union

January 11, 2024

On January 9, 2024, Catskill Hudson Bank, Kingston, NY and its parent company, Catskill Hudson Bancorp, Inc., announced the signing of a definitive merger agreement with Hudson Valley Credit Union, Poughkeepsie, NY, pursuant to which Catskill Hudson Bank will merge with and into Hudson Valley Credit Union, with Hudson Valley Credit Union as the surviving institution in a series of transactions. Pursuant to the merger agreement, stockholders of Catskill Hudson Bancorp, Inc. will receive $40.50 in cash for each share of common stock held, representing an aggregate purchase price of approximately $28.6 million.

Luse Gorman Served as Legal Counsel to Needham Bank in its Conversion and Related $410.0 Million Stock Offering

January 9, 2024

On December 27, 2023, NB Financial, MHC, Needham, Massachusetts, completed its conversion from a mutual holding company to a stock holding company. Concurrently with the conversion, NB Bancorp, Inc. (the “Company”), the newly formed holding company for Needham Bank, completed its initial public offering by selling 40,997,500 shares of its common stock at $10.00 per share. The Company also contributed 1,708,229 shares of common stock and $2.0 million in cash to Needham Bank Charitable Foundation, Inc., a charitable foundation formed in connection with the conversion. The Company’s common stock trades on the Nasdaq Capital Market under the symbol “NBBK.”

Luse Gorman Served as Legal Counsel to 1831 Bancorp, MHC and 1831 Bancorp, Inc. in a Merger of Equals with South Shore Bancorp, MHC and South Shore Bancorp, Inc.

January 8, 2024

Luse Gorman Served as Legal Counsel to Piedmont Federal Savings Bank in its Acquisition of Wake Forest Bancshares, Inc.

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.

Luse Gorman Served as Legal Counsel to Blue Federal Credit Union in its $15.0 Million Subordinated Debt Issuance

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.