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BV Financial, Inc. Announces Expected Closing Date of Conversion Transaction
BALTIMORE, MD / ACCESSWIRE / July 25, 2023 / BV Financial, Inc. (the "Company") (OTC PINK:BVFL), the holding company for BayVanguard Bank, announced today
About this update from Bv Financial, Inc.
[{"type":"text","content":"BALTIMORE, MD / ACCESSWIRE / July 25, 2023 / BV Financial, Inc. (the \"Company\") (OTC PINK:BVFL), the holding company for BayVanguard Bank, announced today that all regulatory approvals have been received to close the conversion of Bay-Vanguard, M.H.C., Inc. (the \"MHC\") from mutual to stock form and the related stock offering by the Company.Closing is expected to occur after the close of business on July 31, 2023. The Company's common stock is expected to begin trading on the Nasdaq Capital Market under the trading symbol \"BVFL\" on August 1, 2023.As a result of the subscription offering and the community offering, the Company expects to sell 9,798,980 shares of its common stock at a price of $10.00 per share, which includes 783,918 shares to be sold to BayVanguard Bank's Employee Stock Ownership Plan.As part of the conversion transaction, each outstanding share of Company common stock owned by the public stockholders of the Company (stockholders other than the MHC) as of the closing date will be converted into new shares of Company common stock based on an exchange ratio of 1.5309-to-one. Cash will be issued in lieu of a fractional share of Company common stock based on the offering price of $10.00 per share.The Company's transfer agent, Computershare, N.A. expects to mail Direct Registration System Book-Entry statements for shares of the Company's common stock purchased in the offering and issued in the exchange 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. Company stockholders who hold their shares in street name through a broker will receive their new shares of Company common stock and cash in lieu of fractional shares within their accounts automatically.Upon the completion of the conversion and stock offering, approximately 11,374,706 shares of Company common stock are expected to be outstanding before adjustment for fractional shares.Eligible purchasers in the subscription offering and/or the community offering may contact the Stock Information Center at (443) 637-6212 if they have any questions regarding their stock orders.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 ...