MID-SOUTHERN BANCORP, INC., MID-SOUTHERN SAVINGS BANK, FSB AND BEACON CREDIT UNION SIGN DEFINITIVE PURCHASE AND ASSUMPTION AGREEMENT

SALEM, Ind. and WABASH, Ind., Jan. 25, 2024 /PRNewswire/ — Beacon Credit Union and Mid-Southern Bancorp, Inc. (“Mid-Southern Bancorp”) (OTCQX: MSVB), the holding company for Mid-Southern Savings Bank, FSB (“Mid-Southern Bank”), announced today that Beacon Credit Union, Mid-Southern Bancorp and Mid-Southern Bank have signed a definitive purchase and assumption agreement whereby Beacon Credit Union will acquire substantially all of the assets and assume substantially all of the liabilities (including all of the deposit account liabilities) of Mid-Southern Bank in an all-cash transaction (the “P&A Transaction”). As consideration for the P&A Transaction, Mid-Southern Bank will retain $10.0 million of its cash and Beacon Credit Union has agreed to pay Mid-Southern Bank $45,198,789 in cash (the “Purchase Price”), subject to a dollar-for-dollar increase or reduction if Mid-Southern Bank’s total equity at closing as calculated in the purchase and assumption agreement is above or below $30,711,000. The parties have the right to terminate the purchase and assumption agreement if the Purchase Price is less than $36,198,789.

Read more at prnewswire.com