In Maryland, BayVanguard Bank completes deal for North Arundel Savings Bank

Baltimore, Md.-based BV Financial Inc. announced Jan. 4 that wholly owned subsidiary BayVanguard Bank in Sparrows Point, Md., acquired Pasadena, Md.-based North Arundel Savings Bank.

The merger deal was inked and announced Aug. 5, 2021.

In line with the merger, BV Financial issued 251,004 shares of its common stock to Bay-Vanguard MHC, its parent mutual holding company.

Based on financial information as of Sept. 30, 2021, the combined company would have about $835 million in assets, $713 million in deposits and $107 million in stockholders' equity, with 17 banking offices in the Baltimore metropolitan area and the Eastern Shore of Maryland.

The conversion and consolidation of data processing platforms, systems and customer files is expected around March 5, according to a news release.

Former North Arundel Savings Bank President Machteld Thomas was added to the respective boards of Bay-Vanguard MHC, BV Financial and BayVanguard Bank.