BALTIMORE--(BUSINESS WIRE)--BV Financial, Inc. (the “Company”) (OTCBB: BVFL), announced today that its wholly owned subsidiary, Bay-Vanguard Federal Savings Bank acquired Vigilant Federal Savings Bank, a federally chartered mutual savings bank located in Baltimore, Maryland. In connection with the merger, the Company issued 595,238 shares of its common stock to Bay-Vanguard M.H.C. As of March 31, 2013, Vigilant had $49.0 million in assets and $41.5 million in deposits and operated from one banking office.
As a result of the acquisition, former Vigilant director Michael Schleupner was appointed to the Boards of Directors of Bay-Vanguard, M.H.C., the Company and Bay-Vanguard Federal and former Vigilant director Steven Lang was appointed to Bay-Vanguard Federal’s Board. Vigilant’s former office will continue to operate under the name “Vigilant Federal Savings Bank, a division of Bay-Vanguard Federal Savings Bank” for at least one year following the merger.
About Bay-Vanguard Federal Savings Bank
BV Financial, Inc. is the parent company of Bay-Vanguard Federal. Bay-Vanguard Federal is headquartered in Baltimore, Maryland with four other branches in the Baltimore metropolitan area. Bay-Vanguard Federal is a full-service community-oriented financial institution dedicated to serving the financial service needs of consumers and businesses within its market area.