Luse Gorman represented BV Financial in the transaction.
BV Financial, Inc. and the parent company of BayVanguard Bank, and Delmarva Bancshares, Inc. the parent company of 1880 Bank, 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.
Delmarva Bancshares shareholders will receive $8.90 in cash per share of Delmarva Bancshares common and preferred stock. The total merger consideration is valued at approximately $54.0 million.
BV Financial, Inc. is the parent company of BayVanguard Bank. BayVanguard Bank is headquartered in Edgemere, Maryland with nine other branches in the Baltimore metropolitan area. The Bank is a full-service community-oriented financial institution dedicated to serving the financial service needs of consumers and businesses within its market area.
Delmarva Bancshares, Inc., a bank holding company headquartered in Cambridge, Maryland, serves the Eastern Shore of Maryland and Delmarva Peninsula through its wholly owned subsidiary, 1880 Bank. The bank has six offices in Cambridge, Easton, Hurlock and Oxford.
The Luse Gorman team consists of Scott A. Brown, Thomas P. Hutton (Picture) and Zachary Davis.
Law Firms: Luse Gorman, PC;
Clients: BV Financial;