June 18, 2020

On June 17, 2020, BV Financial, Inc., Edgemere, Maryland, the holding company for BayVanguard Bank, and Delmarva Bancshares, Inc., Cambridge, Maryland, the holding company for 1880 Bank, entered into a definitive merger agreement, pursuant to which Delmarva Bancshares will merge with and into BV Financial, with BV Financial as the resulting company. Delmarva Bancshares shareholders will receive $8.90 in cash per share of Delmarva Bancshares common and preferred stock. The total merger consideration is valued at approximately $54.0 million.

Luse Gorman is serving as legal counsel to BV Financial in the transaction. The Luse Gorman team consists of Scott A. Brown, Thomas P. Hutton and Zachary Davis.

BayVanguard Bank is headquartered in Edgemere, Maryland with nine other branches in the Baltimore metropolitan area.

1880 Bank operates out of its main office in Cambridge, Maryland and five full-service branch offices located in Cambridge, Easton, Hurlock and Oxford, Maryland.

Luse Gorman has served as counsel on more than 100 financial institution mergers and acquisitions during the past five years, which is more than any other legal advisor during that time period. To learn more about our mergers and acquisitions practice, please visit our website.