Luse Gorman is Legal Counsel to Catskill Hudson Bank in its Proposed Merger with Hudson Valley Credit Union

January 11, 2024

On January 9, 2024, Catskill Hudson Bank, Kingston, NY and its parent company, Catskill Hudson Bancorp, Inc., announced the signing of a definitive merger agreement with Hudson Valley Credit Union, Poughkeepsie, NY, pursuant to which Catskill Hudson Bank will merge with and into Hudson Valley Credit Union, with Hudson Valley Credit Union as the surviving institution in a series of transactions. Pursuant to the merger agreement, stockholders of Catskill Hudson Bancorp, Inc. will receive $40.50 in cash for each share of common stock held, representing an aggregate purchase price of approximately $28.6 million.

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Luse Gorman is the Top Legal Advisor for Bank Mergers in 2023

January 10, 2024

Luse Gorman, PC is pleased to announce that we are again the top legal advisor in the nation, based on number of transactions, for bank mergers as reported by S&P Global Market Intelligence. The firm served as counsel for 18 bank merger transactions in 2023, covering a broad spectrum of deal types and structures, both on the buy and the sell side.

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Luse Gorman Served as Legal Counsel to Needham Bank in its Conversion and Related $410.0 Million Stock Offering

January 9, 2024

On December 27, 2023, NB Financial, MHC, Needham, Massachusetts, completed its conversion from a mutual holding company to a stock holding company. Concurrently with the conversion, NB Bancorp, Inc. (the “Company”), the newly formed holding company for Needham Bank, completed its initial public offering by selling 40,997,500 shares of its common stock at $10.00 per share. The Company also contributed 1,708,229 shares of common stock and $2.0 million in cash to Needham Bank Charitable Foundation, Inc., a charitable foundation formed in connection with the conversion. The Company’s common stock trades on the Nasdaq Capital Market under the symbol “NBBK.”

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Luse Gorman Served as Legal Counsel to Piedmont Federal Savings Bank in its Acquisition of Wake Forest Bancshares, Inc.

January 4, 2024

On January 2, 2024, Piedmont Federal Savings Bank, Winston-Salem, North Carolina, completed its acquisition of Wake Forest Bancshares, Inc., Wake Forest, North Carolina, in an all-cash “remutualization” transaction valued at approximately $14.9 million. As a remutualization transaction, the merger involved novel pricing issues regarding the acquisition of mutual holding companies with public stockholders by mutually owned institutions.

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