BayVanguard Financial Inc., which is based in Baltimore and has several locations within the metropolitan area including Canton, has purchased Madison Bank of Maryland.
MB Bancorp, which currently owns Madison Bank, has sold it to the company that owns BayVanguard Bank for $31m. The acquisition gives BayVanguard assets totaling around $400m, and brings its number of locations up to 10.
Shareholders and regulators must agree to the terms, but closure of the sale is planned for next year’s first quarter. The negotiated price for the bank comes out at $15.85 per share.
According to a statement by BV Financial CEO and co-president David Flair, purchasing MB Bancorp is another step in growing in the industry. Tim Prindle, the other CEO and co-president, said the purchase gives BV Financial presence in Harford County and a valuable customer base.
Phil Phillips, CEO and president of MB Bancorp, stated that the acquisition is a win for both companies because it helps local banking stay in the community, noting that BV Financial brings Madison Bank customers more locations and additional services.
Other than Canton, BV has branches in Locust Point, Bayview, Pasadena, North Point, Essex, and Dundalk. It has been in Baltimore since 1873 when it was part of the Baltimore City Light Street Saving and Building Association.
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