MVB Financial Corp. parent company of MVB Bank, Inc. announced today that the banking arm of the group has reached a deal with Summit Financial Group for the sale of four of its banking centers in Southern West Virginia.
Summit Financial Group is making the purchase through its subsidiary, Summit Community Bank, Inc.
Following the completion of this deal, Summit would have essentially assumed control of all of MVB Bank’s community banking operations in the region. The purchase includes all its full-service centers and drive-thru facilities.
For the entire deal, Summit is paying a US$167m deposit and a loan balance worth US$55m. MVB, via this deal, will see a US$10m pretax gain, a 3.2% rise in tangible book value per share.
This deal will also fully seal MVB’s exit from Southern West Virginia, as it will have no banking center there.
MVB’s president and CEO, Larry F. Mazza, said, “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.”
Pan Finance is a print journal and news website providing worldwide intelligence on finance, economics and global commerce. Known for our in-depth analysis and opinion pieces from esteemed academics and celebrated professionals; our readership consists of senior decision makers from across the globe.