Savings bank

BayVanguard Bank acquires North Arundel Savings Bank

EDGEMERE, MD/ACCESSWIRE/January 4, 2022/ BV Financial, Inc. (the “Company”) (OTC PINK: BVFL), today announced that its wholly owned subsidiary, BayVanguard Bank, a Maryland chartered savings bank, has acquired North Arundel Bank, a chartered mutual savings bank of Maryland located in Pasadena, Maryland. In connection with the merger, the Company issued 251,004 common shares to Bay-Vanguard, MHC, Inc., its parent holding company. Based on financial information as of September 30, 2021, on a combined basis, BayVanguard Bank has approximately $835 million in assets, $713 million in deposits and $107 million in equity and operates from seventeen banking offices located in the Baltimore metropolitan area and the east coast. of Maryland.

David M. Flair, Company Co-Chairman and Chief Executive Officer, said, “We look forward to working with the North Arundel team to provide all of our customers and shareholders with the benefits we expect from this transaction. Timothy L. Prindle, Co-Chairman and Chief Executive Officer of the company, continued, “We are delighted 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 client files is expected to take place on or around March 5, 2022.

Upon closing of the transaction, Machteld V. Thomas, the former president of North Arundel Savings Bank, was added to the boards of directors of Bay-Vanguard, MHC, 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 on the east coast of Maryland. The Bank is a full-service, community-focused financial institution dedicated to serving the financial services needs of consumers and businesses in its market area. For more information, visit its website at www.bayvanguard.com.

CONTACT:

David M. Flair Timothy L. Prindle
Co-President and CEO Co-President and CEO
(410) 477-5000

THE SOURCE: BV Financial, Inc.

See the source version on accesswire.com:
https://www.accesswire.com/680861/BayVanguard-Bank-Acquires-North-Arundel-Savings-Bank


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