Beacon Credit Union to Acquire Mid-Southern Savings Bank

On January 25, 2024, 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”).

Following the completion of the P&A Transaction and after all of the respective obligations of Mid-Southern Bancorp and Mid-Southern Bank (including settlement of the liquidation accounts maintained by Mid-Southern Bancorp and Mid-Southern Bank) are settled or otherwise accounted for, Mid-Southern Bank will liquidate and distribute its remaining assets to Mid-Southern Bancorp (the “liquidation”) and then Mid-Southern Bancorp will dissolve and distribute its remaining assets to its shareholders (the “dissolution”).

The P&A Transaction has been unanimously approved by the boards of directors of Mid-Southern Bancorp, Mid-Southern Bank and Beacon Credit Union and is expected to close in the fourth quarter of 2024, subject to customary closing conditions including the approval of Mid-Southern Bancorp’s shareholders and regulatory approvals.

The P&A Transaction will mark Beacon Credit Union’s first acquisition of a community bank and continues its strategic expansion into southern Indiana. The combined organization will have approximately $1.7 billion in assets across its Indiana branch footprint with a total of 22 retail Member Center locations and 7 LPOs.