Transactions

Luse Gorman Served as Legal Counsel to Guilford Savings Bank in its Merger with Eastern Connecticut Savings Bank

July 9, 2025

On July 1, 2025, Guilford Savings Bank, Guilford, Connecticut, completed its merger with Eastern Connecticut Savings Bank, Norwich, Connecticut.

Luse Gorman Served as Legal Counsel to Rollstone Bancorp, MHC in its Merger with River Run Bancorp, MHC

July 2, 2025

On July 1, 2025, Rollstone Bancorp, MHC, Fitchburg, Massachusetts, completed its merger with River Run Bancorp, MHC, Newburyport, Massachusetts. As part of the transaction, Rollstone Bank & Trust, the subsidiary of Rollstone Bancorp, MHC, became the third bank subsidiary, along with Newburyport Bank and Pentucket Bank, of River Run Bancorp, MHC.

Luse Gorman is Legal Counsel to Community Bank, N.A. in its Proposed Acquisition of Seven Pennsylvania Branches from Santander Bank, N.A.

June 26, 2025

On June 24, 2025, Community Bank, N.A. (“Community Bank”), a subsidiary of Community Financial System, Inc., entered into a Purchase and Assumption Agreement with Santander Bank, N.A., to acquire seven branch locations in the Allentown, PA area. Under the agreement, Community Bank will assume approximately $600 million in deposits and purchase approximately $33 million in branch-related loans. In addition, Community Bank will purchase related wealth management relationships.

Luse Gorman Served as Legal Counsel to Gesa Credit Union in its Acquisition of Security State Bank

June 24, 2025

On May 31, 2025, Gesa Credit Union (“Gesa”), Richland, Washington, completed its purchase of substantially all assets and assumption of substantially all liabilities of Security State Bank, Centralia, Washington, the wholly-owned subsidiary of Security State Corporation. Following the completion of the transaction, Gesa has approximately $6.4 billion in assets and a network of 43 banking locations across Washington.

Luse Gorman Served as Legal Counsel to First Bank in its $35.0 Million Subordinated Debt Issuance

June 20, 2025

On June 18, 2025, First Bank, Hamilton, New Jersey, completed a private offering of $35.0 million of 7.125% Fixed-to-Floating Rate Subordinated Notes due 2035.

First Bank operates 27 full-service branches in New Jersey, Pennsylvania and Palm Beach, Florida.

Luse Gorman served as legal counsel to First Bank in the offering. The Luse Gorman team consisted of Marc Levy, Ellie Cook and Lawrence M.F. Spaccasi.

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.