BV Financial in Baltimore is planning to become a fully stock-owned company.
BV Financial said in a press release that Bay-Vanguard, the mutual holding company, plans to undertake a second-step conversion. BV Financial is the holding company for the $841 million-asset BayVanguard Bank.
Bay-Vanguard owns about 86.6% of the company’s outstanding common stock.
Eligible accountholders as of the close of business on Dec. 31 will have first priority non-transferable subscription rights to subscribe for shares of common stock.
The proposed transaction is expected to be completed in the third quarter.
Luse Gorman is serving as legal counsel. Performance Trust Capital Partners will act as the marketing agent.