Arlo Financial Holdings, Inc. entered into a definitive agreement to acquire Systematic Savings Bank for $13.7 million on April 17, 2024. The purchase price of Systematic is cash consideration of approximately $14 million, or $23 per share. The Boards of Arlo and Systematic have approved the transaction, which is subject to, among other conditions, successful completion by Arlo of a private placement capital raise, approval by Systematic?s stockholders, regulatory approvals and other customary conditions of closing.

The transaction is expected to close in the fourth quarter of 2024 or the first quarter of 2025. Luse Gorman, P.C acted as legal advisor to Arlo Financial Holdings. Breyer & Associates acted as legal advisor to Systematic Savings Bank.

Trent R. Feldman and Peter W.L. Williams of Feldman Financial Advisors, Inc. acted as financial advisor to Systematic Savings Bank.