This past Friday the BV Financial Inc (OTCMKTS:BVFL) had emerged as one of the notable movers and had ended up with gains of as much as 6% following a key development earlier on in the week.
On Friday, BVFL stock surged 6.60 % to $26.65 with 3.18K shares, compared to volume of 96 shares. The stock moved within a range of $25.00 – 26.80 after opening trade at $25.00.
BV Financial, Inc. Announces Adoption of Plan of Conversion and Reorganization to Undertake Second Step Conversion
Back on January 19, the company, which is the holding company of BayVanguard Bank, announced that the board of directors of the mutual holding company Bay-Vanguard MHC Inc had reached an important conclusion. The board had decided to adopt plan for the conversion and reorganization by way of which MHC will start a ‘second step’ conversion from the mutual holding company. At this point in time, MHC owns as much as 86.6% of the outstanding shares in the common stock in the company.
It had been formed back in 2005 with the idea of reorganizing the bank. As per the provisions of this particular move, MHC is going to merged with the company and will no longer exist. All of the shares of the common stock owned in the company other than those owned by MHC are going to be exchanged for shares in the company’s common stock. The ratio for the exchange would be decided once the transaction in question is completed.