On September 5, 2019, BV Financial, Inc., Baltimore, Maryland, the holding company for BayVanguard Bank, and MB Bancorp, Inc., Forest Hill, Maryland, the holding company for Madison Bank of Maryland, announced the signing of a definitive merger agreement, pursuant to which MB Bancorp will merge with and into BV Financial, with BV Financial as the resulting company. MB Bancorp shareholders will receive $15.85 in cash per share of MB Bancorp common stock. The total merger consideration is valued at approximately $31.0 million.
This is Luse Gorman’s 14th bank merger transaction announced in 2019.
BayVanguard Bank is headquartered in Baltimore, Maryland with six other branches in the Baltimore metropolitan area.
Madison Bank operates out of its main office in Forest Hill, Maryland and has two full-service branch offices located in Aberdeen and Perry Hall, Maryland.