October 10, 2023

On September 19, 2023, Somerset Savings Bank, SLA, Bound Brook, New Jersey, completed its conversion from the mutual to stock form of organization. Concurrently, SR Bancorp, Inc., the newly formed holding company for Somerset Savings Bank, completed its initial public offering by selling 9,055,172 shares of its common stock at $10.00 per share.  SR Bancorp’s common stock is listed on the Nasdaq Capital Market under the trading symbol “SRBK.”

SR Bancorp also completed the acquisition of Regal Bancorp, Inc. and Regal Bank on September 19, 2023. The combined bank, which became a New Jersey commercial bank, was renamed Somerset Regal Bank.

Luse Gorman served as legal counsel to SR Bancorp and Somerset Savings Bank in the transaction. The Luse Gorman team included John Gorman, Marc Levy, Scott Brown and Thomas Hutton.

SR Bancorp has approximately $1.1 billion in assets and operates from 17 branches in Essex, Hunterdon, Middlesex, Morris, Somerset and Union Counties, New Jersey.

Since 2000, Luse Gorman has been the leading law firm in the United States in mergers, mutual holding company transactions and mutual-to-stock conversions, based on number of transactions. Click here to learn more about our capital markets and corporate finance services.

Luse Gorman has acted as counsel on more than 100 bank M&A transactions during the past five years and more bank M&A transactions than any other law firm in the nation over the past 20 years. To learn more about our mergers and acquisitions practice, please visit our website.