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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.
Mid-Southern Bancorp (NASDAQ: MSVB) reported a third-quarter net income of $512,000, or $0.19 per diluted share, up from $456,000 in Q3 2021. Year-to-date income reached $1.5 million, a 25% increase from the previous year. Total interest income rose 20.5% due to higher average balances and yields of interest-earning assets. However, total interest expense increased significantly by 79.3%. The company also noted a rise in non-performing loans to $857,000. Total assets increased to $264.5 million as of September 30, 2022.
Mid-Southern Bancorp, Inc. (MSVB) has declared a quarterly cash dividend of $0.04 per share, payable on August 26, 2022, to shareholders of record as of August 12, 2022. The future payment of dividends will depend on the company’s financial condition, earnings, and various regulatory and market factors. Mid-Southern Bancorp operates through its subsidiary, Mid-Southern Savings Bank, with offices in Indiana and Kentucky, focusing on providing banking services in the region.
Mid-Southern Bancorp reported a net income of $526,000 for Q2 2022, up from $397,000 in 2021. Net income for the first half reached $993,000, compared to $775,000 last year. Interest income rose 14.8%, driven by higher loan balances and yields, while interest expense increased by 3.6%. Total assets grew to $266.5 million, fueled by increases in loans and investment securities. Non-performing loans increased slightly, totaling $822,000, and the allowance for loan losses reached $1.6 million. The bank maintained a strong capital position with a CBLR of 15.7% as of June 30, 2022.
Mid-Southern Bancorp, Inc. (NASDAQ - MSVB) announced an expansion of its stock repurchase program, allowing for the buyback of an additional 142,000 shares, roughly 5% of its outstanding shares. This follows the previous repurchase of 277,352 shares at an average price of $14.08 each, leaving 34,648 shares remaining under the old plan. With the new expansion, a total of 176,648 shares are now available for repurchase. The company will conduct these buybacks at management's discretion, considering market conditions and the company's financial performance.
Mid-Southern Bancorp, Inc. (Nasdaq: MSVB) has declared a quarterly cash dividend of $0.04 per share on its common stock. This dividend will be payable on May 27, 2022 to shareholders on record by the close of business on May 13, 2022. Future dividends will be determined by the Board of Directors based on various factors including the Company’s financial condition, earnings, and regulatory requirements. Mid-Southern Bancorp operates Mid-Southern Savings Bank with offices in Indiana and Kentucky.
Mid-Southern Bancorp (NASDAQ: MSVB) reported net income of $467,000 or $0.17 per diluted share for Q1 2022, an increase from $378,000 or $0.13 per share year-over-year. Net interest income rose by $38,000 to $1.7 million, driven by higher interest-earning assets, despite a decrease in yield from 3.43% to 3.17%. Total assets grew to $261.5 million, with notable increases in investment securities and net loans. Capital remains strong at a CBLR of 16.2%. However, stockholders’ equity fell to $41.0 million, impacted by a decrease in accumulated other comprehensive income and share repurchase costs.
Mid-Southern Bancorp (NASDAQ: MSVB) reported a net income of $377,000 or $0.13 per share for Q4 2021, up from $200,000 or $0.07 per share in Q4 2020. Total annual net income for 2021 reached $1.6 million, a rise from $1.2 million in 2020. Net interest income increased by 16% to $1.9 million for Q4 2021, with total assets rising to $254.3 million as of December 31, 2021. The allowance for loan losses remained stable at $1.5 million, with a decrease in non-performing loans. However, stockholders' equity decreased to $46.5 million due to share repurchases.
Mid-Southern Bancorp, Inc. (Nasdaq:MSVB) announced a quarterly cash dividend of $0.04 per share on its common stock, payable on February 25, 2022, to shareholders of record by February 11, 2022. The Board of Directors retains discretion over future dividends, influenced by the company's financial health, earnings, capital needs, regulatory considerations, and other factors. Mid-Southern Bancorp operates through Mid-Southern Savings Bank, headquartered in Salem, Indiana, with additional branches in Indiana and Kentucky.
Mid-Southern Bancorp, Inc. (NASDAQ - MSVB) announced an expansion of its stock repurchase program, allowing for an additional buyback of 150,000 shares, which represents about 5% of its outstanding shares. So far, the Company has repurchased 113,166 shares at an average price of $13.61 each, leaving a total of 198,834 shares available for repurchase. The buybacks will be conducted at management's discretion, influenced by market conditions and the Company's financial performance.
Mid-Southern Bancorp, Inc. (Nasdaq:MSVB) announced a quarterly cash dividend of $0.04 per share, marking a 33% increase from the previous $0.03 rate. This dividend will be payable on November 26, 2021, to shareholders on record as of November 12, 2021. Additionally, the company appointed James O. King, III as Executive Vice President and Senior Loan Officer, succeeding Frank M. Benson, III who is retiring on January 1, 2022. The Board of Directors will determine future dividends based on various financial factors.
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