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2024 - Beacon

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.

Our Client


Beacon Credit Union was founded in 1931 by a group of 75 farmers in Wabash, Indiana. Since then, Beacon Credit Union has grown to become one of Indiana’s largest credit unions with 19 retail Member Centers and 5 loan production offices (“LPOs”) throughout 50 counties in Indiana and services more than 47,000 members. As of September 30, 2023, Beacon Credit Union had over $1.5 billion in assets, nearly $1.0 billion in loans, and over $1.2 billion in member shares and deposits. To learn more, please visit:

Transaction Partner


Mid-Southern Bancorp is the holding company of Mid-Southern Bank. As of September 30, 2023, Mid-Southern Bank had approximately $265 million in assets, $144 million in loans, and $206 million in deposits across its three branches in Washington, Orange, and Lawrence Counties in Indiana. Additionally, Mid-Southern Bank has two LPOs, one in New Albany, Indiana and one in Louisville, Kentucky. To learn more, please visit:


Senior Vice President
Financial Institutions
Managing Director
Financial Institutions