MVB Bank Closes Sale of Four WV Eastern Panhandle Banking Centers
24 Aprile 2020 - 11:18PM
Business Wire
MVB Financial Corp. (“MVB” “MVB Financial”) (NASDAQ: MVBF),
announced today that its wholly-owned subsidiary MVB Bank, Inc.
(“MVB Bank”) has closed the sale of its four banking centers in the
Eastern Panhandle of West Virginia to Summit Community Bank, Inc.,
a subsidiary of Summit Financial Group, Inc. (“Summit”) (NASDAQ:
SMMF).
With the completion of the sale, MVB has exited the West
Virginia Eastern Panhandle market in an effort to focus its growth
in its core commercial markets. As of the closing, the disposed
banking centers consisted of $36.8 million in loans and $188.1
million in deposits. MVB will recognize a gain of approximately $10
million.
This is the fourth strategic move completed by MVB during April.
In addition to this transaction, MVB Bank completed the acquisition
of The First State Bank from the receivership of the FDIC. While
the purchase accounting is being finalized for that transaction,
MVB intends to recognize a bargain purchase gain of approximately
$6 million. Additionally, MVB acquired Paladin, a fraud prevention
consulting firm, to support its Fintech vertical. Also, MVB sought
an independent Kroll Bond Rating Agency rating, and they provided
MVB a BBB+ deposit rating and a BBB investment grade, which
validates MVB’s safety, soundness and strength. A fifth strategic
move is pending, which is closing the previously announced merger
between MVB Mortgage and Intercoastal Mortgage Company.
“At MVB, we continue to take strategic steps to stimulate
progress as we build shareholder value. The closing of this banking
center sale adds to our capital position as we all navigate the
uncertainty of COVID-19. That MVB is able to execute four strategic
moves and create approximately $16 million in pre-tax earnings in a
difficult economic environment speaks to the adaptability and
commitment of Team MVB,” said Larry F. Mazza, President and CEO,
MVB Financial Corp.
“We are grateful to our clients and Team Members in the Eastern
Panhandle for their time with MVB and know they will be well served
by Summit Financial.”
Squire Patton Boggs served as legal counsel to MVB Bank in this
transaction.
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, MVB
Community Development Corporation, Chartwell Compliance and
Paladin, the company provides financial services to individuals and
corporate clients in the Mid-Atlantic region and beyond. Chartwell
Compliance is one of the world’s leading specialist firms in state
and federal compliance and market entry facilitation for firms
entering into or expanding in North America, serving many of the
most high-profile providers of the Fintech industry. For more
information about MVB, please visit http://ir.mvbbanking.com.
Forward-looking Statements
MVB Financial Corp. (the “Company”) 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. When words such as “may,” “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; inability to achieve anticipated synergies; ability to
successfully integrate recent mergers and acquisitions, including
First State and Summit; competition; length and severity of the
recent COVID-19 (coronavirus) outbreak and its impact on the
Company’s business and financial condition; economic downturn or
recession; and government regulation and supervision. Additional
factors that may cause actual results to differ materially from
those described in the forward-looking statements can be found in
the Company’s Annual Report on Form 10-K for the year ended
December 31, 2019, 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/20200424005563/en/
Amy Baker Vice President, Corporate Communications and Marketing
MVB Bank abaker@mvbbanking.com 844-682-2265
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