December 23, 2019

On December 19, 2019, FSB Bancorp, Inc., Fairport, New York, the bank holding company for Fairport Savings Bank, and Evans Bancorp, Inc., Hamburg, New York, the financial holding company for Evans Bank, entered into a definitive merger agreement pursuant to which FSB Bancorp will merge with and into Evans Bancorp, with Evans Bancorp as the resulting company.  Evans Bancorp will acquire FSB Bancorp for $17.80 per share of FSB Bancorp common stock, for total consideration of approximately $34.7 million, comprised of 50% cash and 50% Evans Bancorp common stock.  As part of the merger, Fairport Savings Bank will merge with and into Evans Bank.

Luse Gorman is serving as legal counsel to FSB Bancorp in the transaction.  The Luse Gorman team consists of Eric Luse, Benjamin Azoff, Jeffrey Cardone, Gregory Sobczak and Brendan Saxon.

This is Luse Gorman’s 22nd bank merger transaction announced in 2019.

Fairport Savings Bank has approximately $324.8 million in total assets and operates five branches in the Greater Rochester, New York area, and three mortgage offices located in Rochester, Buffalo and Watertown, New York.

Evans Bank has approximately $1.5 billion in total assets and operates 15 financial centers throughout Western New York.