EXHIBIT 5.1
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MALIZIA SPIDI & FISCH, PC
ATTORNEYS AT LAW
1100 NEW YORK AVENUE, N.W. 637 KENNARD ROAD
SUITE 340 WEST STATE COLLEGE, PENNSYLVANIA 16801
WASHINGTON, D.C. 20005 (814) 466-6625
(202) 434-4660 FACSIMILE: (814) 466-6703
FACSIMILE: (202) 434-4661
^ November 29, 2000
Board of Directors
BUCS Financial Corp
10455 Mill Run Circle
Owings Mills, Maryland 21117
Re: Registration Statement Under the Securities Act of 1933
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Ladies and Gentlemen:
This opinion is rendered in connection with the Registration Statement
on Form SB-2 to be filed with the Securities and Exchange Commission under the
Securities Act of 1933 relating to the offer and sale of up to 542,225 shares of
common stock, par value $0.10 per share (the "Common Stock"), of BUCS Financial
Corp (the "Company"), including shares to be issued to certain employee benefit
plans of the Company and its subsidiary. The Common Stock is proposed to be
issued pursuant to the Plan of Conversion (the "Plan") of BUCS Federal (the
"Institution") in connection with the Institution's conversion from a federal
mutual savings association to a federal capital stock savings bank and
reorganization into a wholly-owned subsidiary of the Company (the "Conversion").
As special counsel to the Institution and the Company, we have reviewed the
corporate proceedings relating to the Plan and the Conversion and such other
legal matters as we have deemed appropriate for the purpose of rendering this
opinion.
Based on the foregoing, we are of the opinion that the shares of Common
Stock of the Company covered by the aforesaid Registration Statement will, when
issued in accordance with the terms of the Plan against full payment therefor,
be duly authorized, validly issued, fully paid, and non-assessable shares of
Common Stock of the Company.
We assume no obligation to advise you of ^ any event that may hereafter
be brought to our attention that may affect any statement made in the foregoing
paragraph.
We hereby consent to the use of this opinion and to the reference to
our firm appearing in the Company's Prospectus under the headings "The
Conversion - Effects of Conversion - Tax Effects" and "Legal and Tax Opinions."
We also consent to any references to our legal opinion under the aforementioned
headings in the Prospectus.
Very truly yours,
/s/Malizia Spidi & Fisch, PC
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MALIZIA SPIDI & FISCH, PC
