BV Financial Announces Adoption Of Stock Repurchase Program For Up To 10% Of The Company's Outstanding Shares Of Common Stock

Author: Benzinga Newsdesk | July 30, 2024 05:22pm

BV Financial, Inc. (the "Company") (NASDAQ:BVFL), the holding company for BayVanguard Bank (the "Bank"), announced today that the Company has adopted, and received the non-objection of the Federal Reserve Bank of Richmond (the "Federal Reserve") to initiate, a stock repurchase program for up to 10% of the Company's outstanding shares of common stock (approximately 1,138,772 shares). This will be the Company's first stock repurchase program since completing its mutual-to-stock conversion and related stock offering on July 31, 2023. As noted in the Company's prospectus for the mutual-to-stock conversion, federal regulations prohibit the Company from repurchasing shares of its common stock during the first year following the completion of the conversion. As such, the repurchase program will go into effect no earlier than August 1, 2024.

Posted In: BVFL