MVB Bank wraps up sale of four banking centers in Eastern Panhandle of West Virginia
MVB Financial said that its fully-owned subsidiary MVB Bank has wrapped up the sale of its four banking centers located in the Eastern Panhandle of West Virginia to Summit Community Bank, a subsidiary of Summit Financial Group.
Following the closing of the deal, MVB Bank has exited the West Virginia Eastern Panhandle market in a move to focus its growth in its key commercial markets. At the time of the closing, the sold banking centers had $36.8 million in loans and $188.1 million in deposits. MVB Bank will recognize a gain of nearly $10 million.
The transaction marks the fourth strategic move completed by MVB Bank in April. Apart from this deal, MVB Bank closed the acquisition of The First State Bank from the receivership of the Federal Deposit Insurance Corporation (FDIC).
Apart from that, MVB Bank acquired fraud prevention consulting firm Paladin to support its Fintech vertical. The bank has another strategic move, which is pending, which is the completion of the previously announced merger between MVB Mortgage and Intercoastal Mortgage Company.
Larry F. Mazza – President and CEO of MVB Financial said: “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.
“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.”