BV FINANCIAL, INC. (NASDAQ:BVFL) BayVanguard Bank Acquires North Arundel Savings Bank
Transparency directive : regulatory news
EDGEMERE, MD / ACCESSWIRE / January 4, 2022 / BV Financial, Inc. (the "Company") (OTC PINK:BVFL), announced today that its wholly owned subsidiary, BayVanguard Bank, a Maryland-chartered stock savings bank, acquired North Arundel Bank, a Maryland-chartered mutual savings bank located in Pasadena, Maryland. In connection with the merger, the Company issued 251,004 shares of its common stock to Bay-Vanguard, M.H.C., Inc., its parent mutual holding company. Based on September 30, 2021 financial information, on a combined basis, BayVanguard Bank has approximately $835 million in assets, $713 million in deposits and $107 million in stockholders' equity and operate from seventeen banking offices located in the Baltimore metropolitan area and the Eastern Shore of Maryland.
David M. Flair, co-President and Chief Executive Officer of the Company, stated "We look forward to working with the North Arundel team in delivering to all of our customers and shareholders the benefits that we expect from this transaction." Timothy L. Prindle, Co-President and Chief Executive Officer of the Company, continued "We are excited to complete our acquisition of North Arundel Savings Bank and welcome their customers and employees to BayVanguard Bank."
The conversion and consolidation of data processing platforms, systems and customer files is expected to occur on or about March 5, 2022.
Upon the closing of the transaction, Machteld V. Thomas, the former President of North Arundel Savings Bank, was added to the Boards of Directors of each of Bay-Vanguard, M.H.C., Inc., BV Financial, Inc. and BayVanguard Bank.
About BV Financial, Inc. and BayVanguard Bank
BV Financial, Inc. (OTC Pink: BVFL) is the parent company of BayVanguard Bank. BayVanguard Bank is headquartered in Edgemere, Maryland with sixteen other branches in the Baltimore metropolitan area and the Eastern Shore of Maryland. The Bank is a full-service community-oriented financial institution dedicated to serving the financial service needs of consumers and businesses within its market area. For additional information, visit its website at www.bayvanguard.com.
CONTACT:
David M. Flair Timothy L. Prindle
Co-President and Chief Executive Officer Co-President and Chief Executive Officer
(410) 477-5000
SOURCE: BV Financial, Inc.
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