Mid-Southern Bancorp Stock Price, News & Analysis

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.