Beacon Credit Union entered into definitive purchase and assumption agreement to acquire Substantially all of the assets of Mid-Southern Bancorp, Inc.
January 25, 2024
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Beacon Credit Union entered into definitive purchase and assumption agreement to acquire Substantially all of the assets of Mid-Southern Bancorp, Inc. on January 26, 2024. Upon completion of the transaction MSB President/CEO, Alexander Babey will be joining BCU in a transitional consulting role, James (?Jimmy?) King will be named Business Development Officer, Louisville Market, and Erica Schmidt will be retained in an operational leadership role in Salem, IN. BCU intends to keep all of MSB?s branches and loan production offices open following completion of the transaction. The combined organization will have approximately $1.7 billion in assets across its Indiana branch footprint with a total of 22 retail Member Center locations and 7 LPOs. The Boards of Directors of both financial institutions have unanimously approved the transaction, which will mark BCU?s first acquisition of a community bank and continues its strategic expansion into southern Indiana.
The transaction is contingent on approval by the shareholders of MSB and is expected to be completed in the third or fourth quarter of 2024, subject to all required regulatory requirements and approvals and the fulfillment of all customary closing conditions. BCU is being advised by the investment banking firm Donnelly Penman & Partners, Inc. and the law firm Barnes & Thornburg LLP. MSVB and MSB is being advised by the investment banking firm Piper Sandler & Co. and the law firm Luse Gorman, PC.
Mid-Southern Bancorp, Inc. is the savings and loan holding company of Mid-Southern Savings Bank, FSB (the Bank). The Company's business activities are primarily conducted through Mid-Southern Savings Bank, a federally chartered savings bank. Mid-Southern Savings Bank conducts business from its main office in Salem and through its branch offices located in Mitchell and Orleans, Indiana and loan production offices located in New Albany, Indiana and Louisville, Kentucky. The Bank's business consists of originating one-to-four-family residential real estate mortgage loans, including home equity lines of credit, commercial and multi-family real estate, and construction loans. It also offers commercial business and other consumer loans. It offers a variety of retail deposits to the general public in the areas surrounding its main office and its branch offices.
MID-SOUTHERN BANCORP, INC. 