Approved by the shareholders of BV Financial and the members of Vigilant Federal Savings Bank, the transaction is subject to the satisfaction of customary closing conditions and is scheduled to be completed on 31 May 2013.
Following the acquisition, Vigilant Federal will boost the acquirer’s consolidated assets from nearly $148.9m on 30 September 2012 to $199.8m.
Vigilant Federal’s existing branch office will become a unit of the acquirer and will operate under its existing brand name as a division of Bay-Vanguard Federal Savings Bank, for one year.
Two members of Vigilant Federal’s board of directors will join the board of directors of Bay-Vanguard Federal, under terms of the agreement.
A unit of BV Financial, US-based Bay-Vanguard Federal Savings Bank serves the financial service needs of consumers and businesses within its market area and operates with three other branches in the Baltimore metropolitan area.
Maryland-based Vigilant Federal Savings Bank serves Essex and surrounding communities.
