MVB Financial Corp. Announces Extension of Stock Repurchase Program
19 Agosto 2020 - 2:45PM
Business Wire
MVB Financial Corp. (NASDAQ: MVBF) (“MVB Financial” or “MVB”)
today announced the approval to extend the current stock repurchase
program.
Under the extended program, MVB is authorized to repurchase up
to $5 million of its outstanding shares of common stock over the
next 12 months or until such time as the aggregate authorized share
repurchases are completed, whichever date comes first. The extended
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 12.1 million shares of
common stock issued and 12.0 million shares of common stock
outstanding. The shares authorized for repurchase under the
extended program represent approximately 3.05% of the company’s
issued shares and 3.07% of the company’s outstanding shares of
common stock. Through the previously announced stock repurchase
program, the Company repurchased 49,100 shares of common stock
through July 31, 2020.
About MVB Financial Corp.
MVB Financial Corp. (“MVB Financial” or “MVB”), the holding
company of MVB Bank, Inc., 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 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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20200819005114/en/
Amy Baker VP, Corporate Communications and
Marketing MVB Bank abaker@mvbbanking.com
844-682-2265
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