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.
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