FAIRMONT, W.Va., Oct. 31, 2014 /PRNewswire/ -- MVB Financial
Corp., (OTC Markets Group OTCQB: MVBF), and Maryland-based CFG Community Bank (CFG) today
jointly announced that they have terminated MVB's proposed
approximately $30 million asset
acquisition by mutual agreement. Both parties have released each
other from all obligations with no termination fee required by
either entity.
In a joint statement, Larry F.
Mazza, President and CEO for MVB Financial Corp., and
Jack Dwyer, Chairman of the CFG
family of companies, said: "This is an amicable decision. Due to
the passage of a year's time, modifications to the business plans
for each company, and changes in the industry, it was determined
that it is in the best interests of both companies, our employees
and shareholders to move forward independently. We are committed to
continue to work together on special projects."
About MVB Financial Corp.
MVB Financial Corp. ("MVB"
or "MVB Financial"; OTCQB: MVBF) was formed on January 1, 2004 as a bank holding company and,
effective December 19, 2012, elected
to become a financial holding company. MVB Financial features
multiple subsidiaries and affiliated businesses, including MVB
Bank, Inc. ("MVB Bank"), Potomac Mortgage Group, Inc. which does
business as MVB Mortgage, and MVB Insurance, LLC. The Company's
principal executive offices are located at 301 Virginia Avenue,
Fairmont, W.Va., 26554-2777, and
its telephone number is (304) 363-4800. For additional information
regarding MVBF visit ir.mvbbanking.com. The OTCQB is a market
tier operated by the OTC Market Group Inc., for over-the-counter
traded companies that are current in their reporting with a U.S.
regulator.
Forward-Looking Statements
All statements other than
statements of historical fact included herein are, or may be deemed
to be, forward-looking statements within the meaning of Section 27A
of the Securities Act of 1933 and Section 21 E of the Securities
Exchange Act of 1934. Such information involves risks and
uncertainties that could result in the actual results of MVB
Financial Corp. ("MVB Financial" or the "Company") differing from
those projected in the forward-looking statements. Important
factors that could cause actual results to differ materially from
those discussed in such forward-looking statements include, but are
not limited to: (i) the Company may incur loan losses due to
negative credit quality trends in the future that may lead to
deterioration of asset quality; (ii) the Company may incur
increased charge-offs in the future; (iii) the Company could have
adverse legal actions of a material nature; (iv) the Company may
face competitive loss of customers; (v) the Company may be unable
to manage its expense levels; (vi) the Company may have difficulty
retaining key employees; (vii) changes in the interest rate
environment may have results on the Company's operations materially
different from those anticipated by the Company's market risk
management functions; (viii) changes in general economic conditions
and increased competition could adversely affect the Company's
operating results; (ix) changes in other regulations, government
policies, and application of regulations affecting bank holding
companies and their subsidiaries, including changes in monetary
policies, may negatively impact the Company's operating results and
that could negatively impact or preclude current and future
acquisition activities; (x) the effects of the Dodd-Frank Wall
Street Reform and Consumer Protection Act and Basel III may
adversely affect the Company; (xi) the reaction of the MVB Bank,
Inc. ("MVB Bank") customers, employees and counterparties to the
termination of the proposed acquisition of CFG Community Bank;
(xii) the risk that the new investments to support the growth of
MVB Insurance, LLC ("MVB Insurance") may not be fully realized or
may take longer than expected due to general economic and market
conditions; (xiii) diversion of management time on acquisition or
diversified growth issues; and, (xiv) other factors which could
cause actual results to differ materially from future results
expressed or implied by such forward-looking statements. Any
forward-looking statement speaks only as of the date on which it is
made and we do not undertake any obligation to update any
forward-looking statement or statements to reflect events or
circumstances after the date on which such statement is made or to
reflect the occurrence of unanticipated events.
SOURCE MVB Financial Corp.