On April 14, 2021, Marathon Bank, Wausau, Wisconsin, completed its reorganization from a mutual savings bank to the mutual holding company form of organization.
Read More...On April 1, 2021, Northwest Bank, Warren, Pennsylvania, entered into an agreement to sell its insurance subsidiary, Northwest Insurance Services, to USI Insurance Services LLC.
Read More...The number of conversion transactions announced in the first quarter of 2021 has already exceeded the total number of transactions for all of 2020. Currently, there are 11 mutual-to-stock conversions, second-step conversions and mutual holding company minority stock issuances pending, with two conversions already completed in January. Luse Gorman is counsel in nine of these transactions.
Read More...On March 3, 2021, Severn Bancorp, Inc., Annapolis, Maryland, announced the signing of a definitive merger agreement with Shore Bancshares, Inc., Easton, Maryland, pursuant to which Severn Bancorp, Inc. will merge with and into Shore Bancshares, Inc. The stock and cash transaction is valued at approximately $146 million. The transaction will create the third largest bank headquartered in Maryland, with total assets of approximately $2.9 billion.
Read More...On February 28, 2021, Bogota Savings Bank, Teaneck, New Jersey, completed its merger with Gibraltar Bank, Parsippany, New Jersey.
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