November 5, 2020

On October 31, 2020, BV Financial, Inc., Baltimore, Maryland, the holding company for BayVanguard Bank, completed its acquisition of Delmarva Bancshares, Inc., Cambridge, Maryland, and its wholly owned subsidiary, 1880 Bank.

Delmarva Bancshares shareholders received $8.90 in cash per share of Delmarva Bancshares common and preferred stock.

BayVanguard Bank has approximately $800 million in total assets and operates ten branches in the Baltimore metropolitan area and six banking offices in the Eastern Shore of Maryland and Delmarva Peninsula.

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

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.