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Mid-Southern Bancorp, Inc. (MSVB) is a prominent holding company based in Salem, Indiana. The company operates through its primary subsidiary, Mid-Southern Savings Bank, FSB, offering a range of banking and financial services. As of September 30, 2023, Mid-Southern Bank boasts approximately $265 million in assets, $144 million in loans, and $206 million in deposits, spread across its three branches in Washington, Orange, and Lawrence Counties in Indiana, along with two loan production offices (LPOs) in New Albany, Indiana, and Louisville, Kentucky.
Recently, Mid-Southern Bancorp announced a significant development. On January 25, 2024, the company revealed a definitive purchase and assumption agreement with Beacon Credit Union. This transaction involves Beacon Credit Union acquiring substantially all of Mid-Southern Bank's assets and liabilities in an all-cash deal valued at approximately $45.2 million. Mid-Southern Bancorp plans to retain $10 million in cash post-transaction. This strategic move has been unanimously approved by the boards of both companies and is expected to close in the fourth quarter of 2024, pending shareholder and regulatory approvals.
Following this transaction, Mid-Southern Bancorp will liquidate and distribute its remaining assets to its shareholders, estimated to result in a per-share cash payout between $15.00 and $17.00 for its 2,885,039 outstanding shares. The final consideration will depend on multiple factors, including the company's equity at closing, corporate taxation, and liquidation costs.
This acquisition by Beacon Credit Union, one of Indiana's largest credit unions with over $1.5 billion in assets and a 93-year history, marks its first entry into community banking. Beacon Credit Union's strategic expansion into southern Indiana promises enhanced services and products to new communities, underscoring its commitment to providing superior financial solutions and strong community support.
As the P&A transaction proceeds, Mid-Southern Bancorp's leadership team, including President and CEO Alexander G. Babey, will play transitional roles within Beacon Credit Union to ensure a smooth integration, with a focus on maintaining high service standards for existing customers.
For more detailed information and latest updates on Mid-Southern Bancorp, Inc., you can contact Alexander G. Babey, President and Chief Executive Officer, or Robert W. DeRossett, Chief Financial Officer, at 812-883-2639.
SALEM, Ind., April 26, 2023 (GLOBE NEWSWIRE) -- Mid-Southern Bancorp, Inc. (Nasdaq:MSVB) declared a quarterly cash dividend of $0.06 per share on its common stock. The dividend will be payable on May 26, 2023, to shareholders of record as of May 12, 2023. Future dividends will depend on the Company’s financial condition, earnings, and various factors considered by the Board of Directors. Mid-Southern Bancorp serves as the parent company for Mid-Southern Savings Bank, headquartered in Salem, Indiana, with additional offices in Mitchell, Orleans, New Albany, and Louisville.
Mid-Southern Bancorp (NASDAQ: MSVB) reported a 2022 net income of $1.9 million, or $0.69 per diluted share, a 18.8% increase from $1.6 million in 2021. For Q4 2022, net income was $376,000, slightly down from $377,000 in Q4 2021. Total assets grew to $269.2 million, primarily from a $21.8 million increase in net loans. The net interest income after provision for loan losses rose by 7.3% year-over-year. However, noninterest income fell by 5.0% in Q4 2022 due to lower brokered loan fees. The bank maintained a well-capitalized status with a 15.4% Community Bank Leverage Ratio at year-end.
Mid-Southern Bancorp, Inc. (Nasdaq: MSVB) announced a quarterly cash dividend of $0.06 per share, set to be paid on February 24, 2023, to shareholders who are on record as of February 10, 2023. The decision on future dividends will depend on various factors, including the company's financial health and regulatory considerations. The Bank operates from its main office in Salem, Indiana, with additional branches in Mitchell, Orleans, and loan production offices in New Albany and Louisville. The company cautions that forward-looking statements are subject to risks, including economic conditions and regulatory changes, which may impact its financial performance.
Mid-Southern Bancorp, Inc. (Nasdaq:MSVB) has expanded its Board of Directors from seven to eight members, appointing James O. King, III, effective December 14, 2022. Mr. King, who serves as Executive Vice President and Senior Loan Officer, brings extensive community banking experience, previously holding leadership roles at King Southern Bank. His expertise is expected to enhance the company’s mission in the markets it serves. The change aligns with strategic governance improvements aimed at bolstering the bank's operational capabilities.
Mid-Southern Bancorp, Inc. (Nasdaq:MSVB) announced a quarterly cash dividend of $0.06 per share, marking a 50% increase from the previous dividend of $0.04. This cash dividend will be payable on November 25, 2022, to shareholders of record as of November 10, 2022. The decision on future dividends will depend on various factors including financial condition, earnings, and regulatory requirements. The Bank operates primarily in Indiana and Kentucky, focusing on banking services.
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