BV Financial, Inc. (OTCPK : BVFL) agreed to acquire North Arundel Savings Bank on August 5, 2021. As part of the transaction, BV Financial will issue additional shares of its common stock to Bay-Vanguard, M.H.C. in an amount equal to the fair value of North Arundel Savings Bank as determined by an independent appraisal. These shares are expected to be issued immediately prior to completion of the merger. Following the merger, Machteld V. Thomas will be added to the Boards of Directors of each of Bay-Vanguard, M.H.C., BV Financial, Inc. and BayVanguard Bank. There will be no change in the management of BV Financial or BayVanguard Bank as a part of the transaction. North Arundel Savings Bank's existing branch office will become a branch office of BayVanguard Bank. Completion of the transaction is subject to customary closing conditions, including the receipt of required regulatory approvals and the approval of North Arundel Savings Bank's members. The transaction has been unanimously approved by the Boards of Directors of each entity and is expected to close in the fourth quarter of 2021 or the first quarter of 2022. The transaction is expected to be accretive to BV Financial's 2022 earnings per share. Luse Gorman, PC, served as legal advisor to BayVanguard Bank. Gordon Feinblatt LLC acted as legal advisor to North Arundel Savings Bank. North Arundel Savings Bank will merge with and into BayVanguard Bank with BayVanguard Bank as the surviving entity.