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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 net income of $456,000 or $0.16 per diluted share for Q3 2021, a significant increase from $264,000 or $0.09 per diluted share in Q3 2020. Year-to-date, net income reached $1.2 million, up from $991,000 in the previous year. The bank funded 43 PPP loans totaling $815,000, with 27 loans forgiven as of September 30, 2021. Total assets grew to $252.3 million. However, stockholders' equity decreased to $46.2 million, impacted by share repurchases. The CBLR stood at 16.5%, indicating a well-capitalized status.
Mid-Southern Bancorp, Inc. (Nasdaq: MSVB) announced a quarterly cash dividend of $0.03 per share, payable on August 27, 2021 to shareholders on record by August 13, 2021. Future dividends will be determined by the Board of Directors, considering financial condition, earnings, capital needs, and legal or regulatory constraints. The bank operates in Salem, Indiana, with additional branches in Mitchell and Orleans, and loan production offices in New Albany and Louisville, Kentucky.
Mid-Southern Bancorp (NASDAQ: MSVB) reported a net income of $397,000 ($0.13/share) for Q2 2021, up from $342,000 ($0.10/share) in Q2 2020. For the first half of 2021, net income reached $775,000 ($0.26/share), compared to $727,000 ($0.22/share) in 2020. Total assets increased to $249.2 million, with interest income rising 3.5% to $1.7 million. Noninterest income grew by 14.8% in Q2 2021, driven by higher deposit service charges. However, noninterest expenses rose 12.0% due to increased compensation and benefits.
Mid-Southern Bancorp, Inc. (Nasdaq:MSVB) announced a quarterly cash dividend of $0.03 per share on its common stock, payable on May 28, 2021, to shareholders on record as of May 14, 2021. The future declaration and payment of dividends will depend on various factors like the company’s financial condition, earnings, and regulatory constraints. Mid-Southern Bancorp operates Mid-Southern Savings Bank, headquartered in Salem, Indiana, with additional branches in Mitchell and Orleans, Indiana, and loan offices in New Albany and Louisville, Kentucky.
Mid-Southern Bancorp reported a net income of $378,000 or $0.13 per diluted share for Q1 2021, a slight decrease from $385,000 or $0.12 per diluted share in Q1 2020. The bank supported customers through the PPP in response to COVID-19, with $474,000 in loans funded in the first round and $459,000 in the second round. Total assets rose to $244.9 million, while total liabilities increased to $197.0 million. Non-performing loans decreased to $971,000, and the allowance for loan losses remained stable at 1.4%. The community bank's CBLR stands at 16.8%, indicating well-capitalized status.
Mid-Southern Bancorp (NASDAQ: MSVB) reported a net income of $200,000, or $0.07 per diluted share, for Q4 2020, up from $196,000 in the same period of 2019. Full-year net income rose to $1.2 million, or $0.38 per diluted share, compared to $960,000 in 2019. The bank funded 29 PPP loans totaling $474,000, with 12 loans fully forgiven. Total assets increased to $235.4 million, while net loans dropped by $10 million. Non-performing loans rose to $1.3 million, accounting for 1.1% of total loans. The company maintained a well-capitalized status with a Community Bank Leverage Ratio of 17.6%.
Mid-Southern Bancorp, Inc. (Nasdaq:MSVB) has declared a quarterly cash dividend of $0.03 per share, marking a 50% increase from the previous rate of $0.02. This dividend will be payable on March 1, 2021, to shareholders of record as of February 19, 2021. Future dividends will be determined by the Board of Directors, considering the Company’s financial condition and other relevant factors. The Company is the parent of Mid-Southern Savings Bank, FSB, with operations primarily in Indiana.
Mid-Southern Bancorp, Inc. (Nasdaq:MSVB) has declared a quarterly cash dividend of $0.02 per share on its common stock. This dividend is payable on November 30, 2020 to shareholders on record by the close of business on November 13, 2020. The company operates through its subsidiary, Mid-Southern Savings Bank, FSB, headquartered in Salem, Indiana, and has branch offices in Mitchell and Orleans, Indiana, as well as a loan production office in New Albany, Indiana.
Mid-Southern Bancorp (NASDAQ: MSVB) reported a third-quarter net income of $264,000, or $0.09 per diluted share, up from $105,000, or $0.03 per diluted share, in 2019. For the nine months ended September 30, net income was $991,000, or $0.31 per diluted share, versus $764,000, or $0.23 per diluted share, in the prior year. Total assets rose to $218.3 million. The bank funded 29 PPP loans totaling $474,000. However, net interest income decreased by 10.1% due to lower yields on interest-earning assets. The Company remains well-capitalized with a CBLR of 17.7% as of September 30, 2020.
Mid-Southern Bancorp, Inc. (NASDAQ - MSVB) announced an additional stock repurchase program allowing for the buyback of 162,000 shares, about 5% of outstanding shares. This follows a previous buyback of 136,670 shares at an average price of $12.42, leaving 34,330 shares still purchasable under the earlier plan. Management will decide on repurchases based on market conditions and other factors, with no guarantee of the total number of shares repurchased. The program reflects the Company's commitment to enhancing shareholder value and is subject to various market influences.
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