October 16, 2020
On October 14, 2020, Pathfinder Bancorp, Inc., Oswego, New York, the holding company for Pathfinder Bank, successfully completed a private placement of $25.0 million of its 5.50% Fixed-to-Floating Rate Subordinated Notes due 2030. The notes are intended to qualify as Tier 2 capital for regulatory purposes.
Luse Gorman served as legal counsel to Pathfinder Bancorp, Inc. in the offering. The Luse Gorman team consisted of Benjamin Azoff, Gregory M. Sobczak and Jeffrey Cardone.
Luse Gorman has extensive experience representing issuers in public offerings and private placements of capital stock, debt, and other securities. To learn more about our Capital Markets and Corporate Finance practice, please visit our website.
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October 8, 2020
On October 6, 2020, Riverview Financial Corporation, Harrisburg, Pennsylvania, the holding company for Riverview Bank, successfully completed a private placement of $25.0 million of its 5.75% Fixed-to-Floating Rate Subordinated Notes due 2030. The notes are intended to qualify as Tier 2 capital for regulatory purposes.
Luse Gorman served as legal counsel to Riverview Financial Corporation in the offering. The Luse Gorman team consisted of Jeffrey Cardone, Benjamin Azoff and Ellie Cook.
Luse Gorman has extensive experience representing issuers in public offerings and private placements of capital stock, debt, and other securities. To learn more about our Capital Markets and Corporate Finance practice, please visit our website.
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October 7, 2020
On September 30, 2020, UFS Bancorp, Whitinsville, Massachusetts, the mutual holding company for UniBank for Savings, successfully completed a private placement of $10.0 million of its 4.5% fixed rate, non-callable, senior notes maturing in September 2025.
Luse Gorman served as legal counsel to UFS Bancorp in the offering. The Luse Gorman team consisted of Lawrence Spaccasi, Victor Cangelosi and Michael Brown.
Luse Gorman has extensive experience representing issuers in public offerings and private placements of capital stock, debt, and other securities. To learn more about our Capital Markets and Corporate Finance practice, please visit our website.
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September 29, 2020
On September 24, 2020, Dollar Mutual Bancorp, Pittsburgh, Pennsylvania, the mutual holding company for Dollar Bank, Federal Savings Bank, and Standard AVB Financial Corp., Monroeville, Pennsylvania, the holding company for Standard Bank, PaSB, entered into a definitive merger agreement, pursuant to which Dollar Mutual Bancorp will acquire Standard AVB Financial Corp., with Dollar Mutual Bancorp as the surviving company. Standard AVB Financial Corp. shareholders will receive $33.00 in cash per share of Standard AVB Financial Corp. common stock. The total merger consideration is valued at approximately $158.0 million. Upon the completion of the transaction, Standard Bank, PaSB, will operate as a wholly owned subsidiary of Dollar Mutual Bancorp.
Luse Gorman is serving as legal counsel to Dollar Mutual Bancorp in the transaction. The Luse Gorman team consists of Lawrence Spaccasi, Michael Brown, Max Seltzer, Joseph Daly and Zachary Davis.
Dollar Mutual Bancorp has $9.8 billion in total assets and operates 76 branch locations in western Pennsylvania, northeast Ohio and Hampton Roads, Virginia.
Standard AVB Financial Corp. has $1.1 billion in total assets and operates 17 offices in Allegheny, Westmoreland and Bedford Counties, in Pennsylvania and Allegany County in Maryland.
Luse Gorman has served as counsel on more than 100 financial institution mergers and acquisitions during the past five years, which is more than any other legal advisor during that time period. To learn more about our mergers and acquisitions practice, please visit our website.
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September 28, 2020
The Securities and Exchange Commission recently adopted new rules to update its statistical disclosure requirements for banking registrants, including domestic and foreign bank holding companies, banks, savings and loan holding companies, and savings and loan associations. The rules are contained in a new Item 1400 of Regulation S-K and will replace Industry Guide 3, Statistical Disclosure by Bank Holding Companies. These changes represent the first updates to Guide 3 in more than 30 years. Our Alert regarding this release is available here.
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