BayVanguard buys Arundel bank

BV Financial, the parent company of BayVanguard Bank, and North Arundel Savings Bank, have entered into a definitive merger agreement whereby North Arundel Savings Bank will merge with and into BayVanguard Bank with BayVanguard Bank as the surviving entity.

Under the terms of the merger agreement, depositors of North Arundel Savings Bank will become depositors of BayVanguard. The transaction is expected to be accretive to BV Financial’s 2022 earnings per share.

“We are very excited about partnering with North Arundel Savings Bank. This transaction will be our fourth strategic combination in three years and strengthens our presence in Anne Arundel County,” said David Flair, co-president and CEO of BV Financial.

“We are very pleased to join BayVanguard Bank,” said North Arundel Savings Bank President, Machteld Thomas. “We believe our customers will benefit from this partnership with increased branch locations and broader product and services while still preserving the personal and excellent service that is the hallmark of a local, community bank.”

There will be no change in the management of BV Financial or BayVanguard Bank as a part of the transaction. North Arundel Savings Bank’s existing branch office will become a branch office of BayVanguard Bank.

The merger is expected to increase BV Financial’s consolidated assets from approximately $801 million on June 30, 2021, to $848 million. The transaction has been unanimously approved by the Boards of Directors of each entity and is expected to close in the fourth quarter of 2021 or the first quarter of 2022.