This is a 50% gain for us but the deal is below the closing price yesterday and less than tangible book value. MicaelPrice, Joseph Stilwell, Maltese Capital and Jeffrey Thorp collectively own 37% of the stock and I will be suprised if we don't hear some fuss about the price
BV Financial, Inc. (OTC PINK: BVFL), the parent company of BayVanguard Bank, and MB Bancorp, Inc. (MBCQ), the parent company of Madison Bank of Maryland, announced today that they have entered into a definitive merger agreement whereby BV Financial has agreed to acquire MB Bancorp and its wholly owned bank subsidiary, Madison Bank, in an all-cash transaction.
Under the terms of the merger agreement, MB Bancorp shareholders will receive cash of $15.85 for each share of MB Bancorp, representing aggregate consideration of approximately $31.0 million. The transaction is expected to be accretive to BV Financial’ s 2020 earnings per share.
“This transaction marks another strategic acquisition for BayVanguard Bank as we continue to expand our market share,” said David M. Flair, co-President and Chief Executive Officer of BV Financial. “MB Bancorp provides us entry into the highly attractive Harford County market and brings an attractive customer base,” added co-President and Chief Executive Officer Tim Prindle. “We look forward to leveraging our products and services to clients and prospects across our combined markets.”
“We are very excited about this transaction,” said MB Bancorp President and Chief Executive Officer Phil Phillips. “This combination will be positive for both banks and ensures that local banking will remain in our community. We believe our customers will benefit from expanded locations and additional products offered by BayVanguard.”
There will be no change in the management or board of directors of BV Financial or BayVanguard Bank as a part of the transaction. Upon completion of the ...