ICBA Ranks MVB Bank as One of Best Performing Banks of 2020
10 Maggio 2021 - 10:30PM
Business Wire
Year Was Most Successful of MVB’s History with
Record Earnings
ICBA has ranked MVB Bank, Inc. (“MVB Bank”) as the number 15
Best Performing Bank of 2020 in the over $1 billion category, as
announced this month by Independent Banker in its annual
listing.
MVB Bank and the bank's subsidiaries, MVB Technology, MVB
Community Development Corporation, Chartwell Compliance and Paladin
Fraud, provide financial services to individuals and corporate
clients in the Mid-Atlantic region and beyond. MVB Financial Corp.
(“MVB Financial”), the holding company of MVB Bank, is publicly
traded on The Nasdaq Capital Market under the ticker “MVBF.” For
more information about MVB, please visit www.mvbbanking.com.
According to Independent Banker: “In 2020, community banks
contended with a fast and furious Paycheck Protection Program
lending boom and a glut of deposits as customers put their stimulus
payments away for a rainy day. They dealt with lockdown orders,
changes in consumers’ banking habits and rapid-fire adoption of
technology to meet those needs. Yet community banks rose to the
occasion. Independent Banker’s annual listing of America’s
best-performing community banks shows that nimble thinking and an
adherence to good old-fashioned customer service can bring success,
whatever the circumstances.”
For the year ended December 31, 2020, MVB reported net income of
$37.4 million, or $3.13 basic and $3.06 diluted earnings per share.
MVB reported net income of $11.8 million, or $1.00 basic and $0.97
diluted earnings per share, for the three months ended December 31,
2020. Independent Banker listed MVB Bank’s three-year average
pre-tax return-on-assets (ROA) as $2.48 billion.
“In 2020, MVB leaned into the challenge of the pandemic to make
the year the most successful of our history with record earnings.
In unprecedented times, MVB thrived,” said Larry F. Mazza,
President, CEO, MVB Financial.
“We completed multiple strategic transactions, created growth in
tangible book value and shareholder value and onboarded a number of
new highly talented and experienced Team Members. I could not be
more grateful to Team MVB for what we accomplished in 2020.”
To view the complete list of rankings, visit
https://independentbanker.org/2021/05/icbas-best-performing-community-banks-of-2020/
or
https://independentbanker.advanced-pub.com/?issueID=50&pageID=40.
According to its website, ICBA compiled the rankings with the
aim of recognizing community banks that are consistent high
performers. Using FDIC data, they took into account pre-tax ROA
figures from the past three years, with the most recent year
weighted at three times, second most recent year at two times and
third most recent year at one time. They divided the community
banks into three segments based on asset size and ranked each
segment on its three-year weighted average ROA. A bank must have a
rating of C or higher by Kroll Bond Ratings to be considered.
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.”
MVB is a financial holding company headquartered in Fairmont,
W.Va. Through its subsidiary, MVB Bank, Inc., and the bank’s
subsidiaries, MVB Technology, the MVB Community Development
Corporation, Chartwell Compliance and Paladin Fraud, the company
provides financial services to individuals and corporate clients in
the Mid-Atlantic region and beyond.
Nasdaq is a leading global provider of trading, clearing,
exchange technology, listing, information and public company
services.
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 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, 2020, 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/20210510005780/en/
Amy Baker VP, Corporate Communications and Marketing MVB Bank
abaker@mvbbanking.com (844) 682-2265
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