Luse Gorman is Legal Counsel to Somerset Savings Bank, SLA in its Proposed Conversion, Stock Offering and Acquisition of Regal Bancorp, Inc. – First Conversion and Simultaneous Stock Acquisition Since 2008

July 28, 2022

On July 25, 2022, Somerset Savings Bank, SLA, Bound Brook, New Jersey, adopted a plan of conversion to convert from the mutual to stock form of organization. Somerset Savings also entered into a merger agreement to acquire Regal Bancorp, Inc. Under the terms of the merger agreement, Regal Bancorp shareholders may elect to receive 1.93 shares of SR Bancorp, Inc. (the newly formed holding company of Somerset Savings Bank) common stock (based on a $10.00 per share offering price) or $19.30 in cash for each share of Regal Bancorp common stock, subject to the allocation and proration procedures set forth in the merger agreement.


Luse Gorman Served as Legal Counsel to Van Wert Federal Savings Bank in its Conversion and Related $19.2 Million Stock Offering

July 21, 2022

On July 13, 2022, Van Wert Federal Savings Bank, Van Wert, Ohio, completed its conversion from the mutual form of organization to the stock form of organization. Concurrently, VWF Bancorp, Inc., the newly formed holding company for Van Wert Federal, completed its initial public offering by selling 1,922,924 shares of its common stock at $10.00 per share. VWF Bancorp’s common stock is listed on the OTCQB Market under the trading symbol “VWFB.”


“Glossy” Annual Report EDGAR Filing Requirement

July 20, 2022

To our clients and friends:
The SEC has adopted new rules relating to the required EDGAR submission of “glossy” annual reports. The new rules go into effect six months after July 11, 2022.
Our Alert regarding the new rules is available here.