Business
BV Financial, Inc. To Acquire Delmarva Bancshares, Inc.
EDGEMERE, MD and CAMBRIDGE, MD / ACCESSWIRE / June 18, 2020 / BV Financial, Inc. (OTC PINK:BVFL), the parent company of BayVanguard Bank, and Delmarva
About this update from Bv Financial, Inc.
[{"type":"text","content":"EDGEMERE, MD and CAMBRIDGE, MD / ACCESSWIRE / June 18, 2020 / BV Financial, Inc. (OTC PINK:BVFL), the parent company of BayVanguard Bank, and Delmarva Bancshares, Inc. (OTCQX:DLMV), the parent company of 1880 Bank, announced today that they have entered into a definitive merger agreement whereby BV Financial has agreed to acquire Delmarva Bancshares and its wholly owned bank subsidiary, 1880 Bank, in an all-cash transaction.Under the terms of the merger agreement, Delmarva Bancshares preferred and common shareholders will receive cash of $8.90 for each share of Delmarva Bancshares they own, representing aggregate consideration of approximately $54.0 million. The transaction is expected to be accretive to BV Financial's 2021 earnings per share.BV Financial intends to fund the merger consideration through a combination of the issuance of $30.0 million in subordinated debt and a cash dividend to be paid by BayVanguard Bank.\"This transaction marks another strategic acquisition for BayVanguard Bank as we continue to expand our footprint,\" said David M. Flair, co-President and Chief Executive Officer of BV Financial. \"1880 Bank is a well-run and well-respected bank and we will make sure that their customers continue to receive the level of service they have come to expect.\" Timothy L. Prindle, co-President and Chief Executive Officer added \"I have admired what Kim and his team have accomplished. This is a great combination of cultures and high-performing teams, which will create tremendous value for our combined customers and communities.\"\"We are very pleased to partner with BayVanguard Bank,\" said Delmarva Bancshares Chairman, President and Chief Executive Officer, Kim C. Liddell. \"We have come a long way since my joining Delmarva over a decade ago, from the brink of failure to joining forces with BayVanguard Bank to create a $750 million bank. This combination will be positive for both banks. We believe our customers will benefit from BayVanguard's increased capital and lending capacity while still maintaining local decision making and the exceptional service they have become accustomed to at 1880 Bank.\"There will be no change in the management of BV Financial or BayVanguard Bank as a part of the transaction. Mr. Liddell will be appointed as Chairman of the Board of BV Financial. He will also be appointed as a director of ...