January 6, 2022

On January 1, 2022, BayVanguard Bank, Edgemere, Maryland, completed its acquisition of North Arundel Savings Bank, Pasadena, Maryland. As part of the acquisition, BV Financial, Inc., the mid-tier holding company of BayVanguard Bank, issued 251,004 shares of its common stock to Bay-Vanguard, M.H.C., BayVanguard Bank’s mutual holding company parent.

On a combined basis, BayVanguard Bank now has approximately $835 million in assets, $713 million in deposits and $107 million in stockholders’ equity and operates from seventeen banking offices located in the Baltimore metropolitan area and the Eastern Shore of Maryland.

Luse Gorman served as legal counsel to BayVanguard in the transaction. The Luse Gorman team consisted 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.