MVB Financial Corp. , announced 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..
“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.”
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.
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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.
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“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.”
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