A Locke Lord team represented Spencer Savings Bank, SLA, a full-service, mutually owned and operated community bank, in its definitive agreement to acquire Wawel Bank, a federally chartered savings bank, in an all-cash transaction valued at approximately $3.4 million, or $4.00 per publicly held share, subject to adjustment as provided for in the merger agreement. Wawel Bank is the sole subsidiary of Wawel Financial Services MHC, which will be dissolved at the time of the merger. The merger is subject to NJ Department of Banking and Insurance and FDIC approval. The dissolution of Wawel MHC is subject to Federal Reserve Board approval. In addition, a notice will be filed with the OCC. The deal closed on March 26, 2018. For more information, please see the Spencer Savings Bank, SLA press release. The Locke Lord team included Doug Faucette (Washington, D.C.).
Posted December 14, 2017