MVB Financial Corp. Announces New Stock Repurchase Program
12 Agosto 2019 - 10:30PM
Business Wire
The Board of Directors of MVB Financial Corp. (“MVB Financial”
or “MVB”) (NASDAQ: MVBF) today announced the approval of a new
stock repurchase program.
Under the new program, MVB is authorized to repurchase up to $5
million of its outstanding shares of common stock over the next 12
months or until the purchase is fully absorbed, whichever date
comes first. The new stock repurchase program does not require MVB
to repurchase any specified number of shares of its common stock,
and it may be discontinued, suspended or restarted at any time at
MVB’s discretion.
Currently the company has approximately 11.8 million shares of
common stock issued and 11.7 million shares of common stock
outstanding. The shares authorized for repurchase under the new
program represent approximately 2.6% of the company’s issued shares
and 2.7% of the company’s outstanding shares of common stock.
About MVB Financial Corp.
MVB Financial Corp. (“MVB Financial” or “MVB”), the holding
company of MVB Bank, is publicly traded on The Nasdaq Capital
Market® under the ticker “MVBF.” Nasdaq is a leading global
provider of trading, clearing, exchange technology, listing,
information and public company services. Through its subsidiary,
MVB Bank, Inc., and the bank’s subsidiaries, MVB Mortgage and MVB
Community Development Corporation, the company provides financial
services to individuals and corporate clients in the Mid-Atlantic
region. For more information about MVB, please visit
ir.mvbbanking.com.
Forward-looking Statements
MVB Financial Corp. has made forward-looking statements, within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended, in this Press Release. These forward-looking statements
are based on current expectations about the future and subject to
risks and uncertainties. Forward-looking statements include,
without limitation, information concerning possible or assumed
future results of operations of the Company and its subsidiaries,
as well as statements regarding MVB’s intent to recognize a holding
gain on its equity investment in fintech companies and the
anticipated use of the proceeds from such gains, as well as MVB’s
future plans with regard to its fintech line of business. When
words such as “plans,” “believes,” “expects,” “anticipates,”
“continues,” “may” or similar expressions occur in this Press
Release, the Company is making forward-looking statements. Note
that many factors could affect the future financial results of the
Company and its subsidiaries, both individually and collectively,
and could cause those results to differ materially from those
expressed in the forward-looking statements contained in this Press
Release. Those factors include but are not limited to: credit risk;
changes in market interest rates; revaluation of equity
investments, including MVB’s investments in fintech companies;
inability to further scale up the fintech line of business;
competition; economic downturn or recession; and government
regulation and supervision. Additional factors that may cause our
actual results to differ materially from those described in our
forward-looking statements can be found in the Company’s Annual
Report on Form 10-K for the year ended December 31, 2018, as well
as its other filings with the SEC, which are available on the SEC
website at www.sec.gov. Except as required by law, the Company
undertakes no obligation to update or revise any forward-looking
statements.
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version on businesswire.com: https://www.businesswire.com/news/home/20190812005592/en/
Amy Baker VP, Corporate Communications and Marketing MVB Bank
abaker@mvbbanking.com 844-682-2265
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