MVB Completes Sale of South Market WV Banking Centers
12 Luglio 2021 - 2:30PM
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 four banking centers in
Southern West Virginia to Summit Community Bank, Inc., a subsidiary
of Summit Financial Group, Inc. (“Summit”) (NASDAQ: SMMF).
Summit has acquired substantially all of MVB Bank’s Southern
West Virginia community banking operations, including its
full-service banking centers located at: 400 Washington Street
East, Charleston; 3754 Teays Valley Road, Hurricane; 660 Central
Avenue, Barboursville; and 999 4th Avenue, Huntington. In addition,
Summit has acquired MVB Bank’s drive-thru banking locations at 6441
Farmdale Road, Barboursville, and 940 5th Avenue, Huntington.
The transaction includes deposit and loan balances of $167
million and $55 million, respectively. MVB will record a pre-tax
gain of approximately $10 million on the sale, equating to a
projected increase of 3.2% to tangible book value per share (as of
March 31, 2021). The sale also marks the exit of MVB’s banking
center presence in Southern West Virginia.
“This South Market transaction continues a series of
opportunistic actions in recent years that have resulted in
significant value creation for MVB shareholders. Since 2015,
tangible book value per share at MVB has grown at a 15% compound
annual growth rate, well above the industry average. This banking
center divestiture also allows for a sharpened focus on our core
commercial markets in North Central West Virginia and Northern
Virginia, as well as our rapidly growing Fintech business,” said
Larry F. Mazza, President and CEO, MVB Financial Corp.
“We would like to extend our gratitude to our clients and Team
Members who will be transitioning to Summit Community Bank, where
we know they will be well served.”
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, Inc., 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, 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
https://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 that are intended to be covered by
the protections provided under the Private Securities Litigation
Reform Act of 1995. 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.
Forward-looking statements can be identified by the use of words
such as “may,” “could,” “should,” “would,” “will,” “plans,”
“believes,” “estimates,” “expects,” “anticipates,” “intends,”
“continues,” or the negative of those terms or similar expressions.
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 forward-looking statements. Therefore,
undue reliance should not be placed upon any forward-looking
statements. Those factors include but are not limited to: market,
economic, operational, liquidity and credit risk; changes in market
interest rates; inability to achieve anticipated synergies and
successfully integrate recent mergers and acquisitions; inability
to successfully execute business plans, including strategies
related to investments in financial technology companies;
competition; length and severity of the COVID-19 pandemic and its
impact on the Company’s business and financial condition; changes
in economic, business and political conditions; changes in demand
for loan products and deposit flow; operational risks and risk
management failures; 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, 2020, as well as its other filings with the
SEC, which are available on the SEC’s website at www.sec.gov.
Except as required by law, the Company disclaims any obligation to
update, revise, or correct any forward-looking statements.
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version on businesswire.com: https://www.businesswire.com/news/home/20210712005223/en/
Amy Baker VP, Corporate Communications and Marketing MVB Bank
abaker@mvbbanking.com (844) 682-2265
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