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BV Financial, Inc. Announces Completion of Conversion and Related Stock Offering
BALTIMORE, MD / ACCESSWIRE / July 31, 2023 / BV Financial, Inc. (the "Company") (OTC Pink:BVFL), the holding company for BayVanguard Bank, announced that
About this update from Bv Financial, Inc.
[{"type":"text","content":"BALTIMORE, MD / ACCESSWIRE / July 31, 2023 / BV Financial, Inc. (the \"Company\") (OTC Pink:BVFL), the holding company for BayVanguard Bank, announced that Bay-Vanguard, M.H.C., Inc. (the \"MHC\"), has completed its conversion from the mutual holding company to the stock holding company form of organization (the \"Conversion\"), and the Company has completed its related stock offering. As a result of the closing of the Conversion, the MHC ceased to exist effective upon the closing of the Conversion.The results of the stock offering were previously reported in the Company's press release dated July 25, 2023. After the sale of 9,798,980 shares in the recently completed offering and the exchange of the minority shares, approximately 11,374,706 shares of Company common stock are outstanding as a result of the Conversion, before taking into account adjustments for fractional shares.The Company's common stock is expected to trade on the Nasdaq Capital Market under the trading symbol \"BVFL\" beginning on August 1, 2023.Book entry statements reflecting shares purchased in the offering are expected to be mailed to purchasers promptly following the closing. Persons wishing to confirm their orders may contact the Stock Information Center at (443) 637-6212.The Company's transfer agent, Computershare, N.A., expects to mail Direct Registration System Book-Entry statements for shares purchased in the offering on or about August 1, 2023. Interest checks and checks for cash in lieu of fractional shares are also expected to be mailed out on or about August 1, 2023.Luse Gorman, PC acted as legal counsel to the Company, the MHC and BayVanguard Bank. Performance Trust Capital Partners, LLC, acted as marketing agent for the Company in connection with the offering, and Alston and Bird LLP acted as legal counsel to Performance Trust Capital Partners, LLC.About BV Financial, Inc.BV Financial, Inc. is the parent company of BayVanguard Bank. BayVanguard Bank is headquartered in Baltimore, Maryland with 15 banking offices in the Baltimore metropolitan area and the Eastern Shore of Maryland. BayVanguard Bank is a full-service community-oriented financial institution dedicated to serving the financial service needs of consumers and businesses.Forward-Looking StatementsCertain statements contained herein constitute \"forward-looking statements\" within the m...