As the trading week comes to a close there is, as ever, going to be a number of companies which are going to come into focus among investors and one of those could well be BV Financial Inc (OTCMKTS:BVFL), which is the holding company of BayVanguard Bank.
On Thursday, BVFL stock ended flat at $25 with more than 1 share, compared to its average volume of 44 shares. The stock moved within a range of $25.00 – 25.00 after opening trade at $25.00.
BV Financial, Inc. Announces Adoption of Plan of Conversion and Reorganization to Undertake Second Step Conversion
The company had come into the news cycle on Thursday after it announced a decision from its parent mutual holding company Bay-Vanguard M H C Inc. The board of director of MHC decided to adopt a plan of conversion and reorganization by way of which MHC will embark on a ‘second step’ conversion to a stock holding company structure from a mutual holding company structure.
It was a significant new announcement and it is going to be interesting to see if it leads to any traction for the BV Financial stock over the course of the coming days or not. At this point in time, MHC owns as much as 86.6% of all the outstanding shares of the common stock in the company. Once the plan is carried out, MHC will be merged with the company and will no longer exist. It will be interesting to see how the market reacts today to the development.