Alert – Volume 20 of The Bankers’ Bulletin
To our clients and friends:
Today we published Volume 20 of The Bankers’ Bulletin, providing our insights into key banking industry developments from July 2025, including:
Read More...Luse Gorman Served as Legal Counsel to Assabet Valley Bancorp in its Mutual-to-Stock Conversion and $191.8 Million Stock Offering
On July 31, 2025, Assabet Valley Bancorp, the mutual holding company of Avidia Bank, completed its mutual-to-stock conversion and Avidia Bancorp, Inc., the new stock holding company of Avidia Bank, completed its initial public offering by selling 19,176,250 shares of its common stock at $10.00 per share. As part of the transaction, Avidia Bancorp also funded a newly established charitable foundation with a $10.0 million contribution of cash and stock. Avidia Bancorp’s common stock is listed on the New York Stock Exchange under the symbol “AVBC.”
Read More...Luse Gorman was Legal Counsel to Security Bank, s.b. in its Mutual-to-Stock Conversion and Related $8.9 Million Stock Offering
On July 31, 2025, Security Bank, s.b. completed its mutual-to-stock conversion and Security Midwest Bancorp, Inc., the new stock holding company of Security Bank, completed its related initial public offering by selling 889,781 shares of its common stock at $10.00 per share. Security Midwest Bancorp’s common stock is quoted on the OTCQB Market under the symbol “SBMW.”
Read More...Luse Gorman is Legal Counsel to Cornerstone Bank in its Proposed Merger with Athol Savings Bank
On July 23, 2025, Cornerstone Bank, Spencer, Massachusetts, a subsidiary of PeoplesBancorp, MHC, Holyoke, Massachusetts, entered into a merger agreement pursuant to which Athol Savings Bank, Athol, Massachusetts, will merge into Cornerstone Bank, with Cornerstone Bank as the surviving entity.
Read More...Luse Gorman was Legal Counsel to ESSA Bancorp, Inc. in its Merger with CNB Financial Corporation
On July 23, 2025, ESSA Bancorp, Inc., Stroudsburg, Pennsylvania, the holding company for ESSA Bank & Trust, completed its merger with CNB Financial Corporation, Clearfield, Pennsylvania, the holding company for CNB Bank.
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