Oconee Federal to Merge With Mutual Savings Bank - Seite 2

The transaction is expected to close in the fourth quarter of 2023 or the first quarter of 2024. The transaction is subject to certain conditions, including the approval by Mutual’s depositors and customary regulatory approvals.

Oconee Federal has five branch offices located in Oconee and Pickens counties, South Carolina and three in Stephens and Rabun counties, Georgia.

Luse Gorman, PC, Washington, D.C., acted as legal counsel to Oconee Federal and Hinman, Howard & Kattell, LLP acted as legal counsel to Mutual. Capital Resources Group, Inc. initiated the transaction and served as financial advisor to Oconee Federal.

Forward-Looking Statements

This news release contains forward-looking statements. Forward-looking statements are typically identified by words such as “believe,” “expect,” “anticipate,” “intend,” “outlook,” “estimate,” “forecast,” “project” and other similar words and expressions. Forward-looking statements are subject to numerous assumptions, risks and uncertainties, which change over time. Forward-looking statements speak only as of the date they are made. Because forward-looking statements are subject to assumptions and uncertainties, actual results or future events could differ, possibly materially, from those that the Company and Oconee Federal anticipated in its forward-looking statements, and future results could differ materially from historical performance. Factors that could cause or contribute to such differences include, but are not limited to: increased economic pressures; increased competition, interest rate or legislative or regulatory changes; that completion of the transaction could take longer than expected; that prior to the completion of the transaction or thereafter, Oconee Federal’s and Mutual’s respective businesses may not perform as expected; that required regulatory, member or other approvals are not obtained or other closing conditions are not satisfied in a timely manner or at all; reputational risks and the reaction of the companies’ customers to the transaction; and diversion of management time on merger-related issues. Neither the Company and Oconee Federal nor Mutual assume any duty and do not undertake to update forward-looking statements.