Buckley Sandler represents Delmar Bancorp in merger with Virginia Partners Bank
Buckley Sandler LLP represented longtime client Delmar Bancorp in a share exchange transaction with Virginia Partners Bank.
Under the agreement, each share of Virginia Partners Bank common stock will be exchanged for 1.7179 shares of Delmar common stock. Options and warrants to acquire Partners common stock will be assumed by Delmar and converted into options and warrants to acquire shares of Delmar common stock. Virginia Partners will become a wholly owned subsidiary of Delmar, with each bank maintaining their existing names, executive management teams, and boards of directors. The transaction is expected to close in the second quarter of 2019.
Delmar Bancorp is the holding company for The Bank of Delmarva with $738 million in assets. Delmarva was organized in 1896 and conducts full service commercial banking through 11 branch locations in Maryland and Delaware, and three branches, operating under the name Liberty Bell Bank, in the South Jersey/Philadelphia metro market.
The Buckley Sandler team included senior counsel Noel M. Gruber and counsel Ryan Pollard.