BV Financial opens at $10.50 after listing on Nasdaq

BV Financial, the holding company for BayVanguard Bank, announced that Bay-Vanguard, M.H.C. has completed its conversion from the mutual holding company to the stock holding company form of organization and the company has completed its related stock offering. As a result of the closing of the conversion, the MHC ceased to exist effective upon the closing of the conversion. After the sale of 9,798,980 shares in the recently completed offering and the exchange of the minority shares, approximately 11,374,706 shares of company common stock are outstanding as a result of the conversion, before taking into account adjustments for fractional shares. The company’s common stock began trading on the Nasdaq Capital Market under the trading symbol “BVFL” on August 1.