On August 5, 2021, BayVanguard Bank, Edgemere, Maryland, entered into a merger agreement with North Arundel Savings Bank, Pasadena, Maryland, pursuant to which North Arundel will merge with and into BayVanguard Bank. As part of the merger transaction, BV Financial, Inc., the mid-tier holding company of BayVanguard Bank, will issue additional shares of its common stock to Bay-Vanguard, M.H.C., BayVanguard Bank’s mutual holding company parent, in an amount equal to the fair value of North Arundel as determined by an independent appraisal.

BV Financial, Inc. has $801 million in assets and operates from seventeen offices in the Baltimore metropolitan area and the Eastern Shore of Maryland.

North Arundel Savings Bank has $46 million in assets and operates from its office located in Pasadena, Maryland.

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

Luse Gorman has acted as counsel on more than 100 bank M&A transactions during the past five years and more bank M&A transactions than any other law firm in the nation over the past 20 years. To learn more about our mergers and acquisitions practice, please visit our website.