FAIRMONT, W.Va .– (BUSINESS WIRE) – MVB Bank, Inc., a wholly owned subsidiary of MVB Financial Corp. (“MVB”, “MVB Financial”) (NASDAQ: MVBF), today announced that it has signed a definitive agreement under the terms of Summit Community Bank, Inc., a subsidiary of Summit Financial Group, Inc. (“Summit”) (NASDAQ : SMMF), will handle essentially all of MVB Bank’s community banking operations in Southwest Virginia, including its full-service banking centers at: 400 Washington Street East, Charleston ;; 3754 Teays Valley Road, Hurricane; 660 Central Avenue, Barboursville; and 999 4th Avenue, Huntington. In addition, Summit will acquire MVB Bank’s drive-up banking locations at 6441 Farmdale Road, Barboursville and 940 5th Avenue, Huntington. In connection with the transaction, Summit will assume certain deposits and loans that are currently approximately $ 193 million and $ 57 million, respectively.
“As trusted partners, MVB Bank and Summit Community Bank are aligned with our core values and share a successful history, including a previous branch transaction where Summit purchased Eastern Panhandle West Virginia from MVB in 2020. The sale of our banking centers in South Market enables MVB to focus our growth on our core business markets in north-central West Virginia and Northern Virginia as well as on our expanding fintech industry. This transaction is the latest in a series of opportunistic activities by MVB that have resulted in industry-leading value creation for MVB shareholders, ”said Larry F. Mazza, President and CEO of MVB Financial.
“Summit’s purchase of these branches is an excellent opportunity to expand our presence and exposure to the Charleston-Huntington, West Virginia marketplace and offer our customers more banking locations, ”said Summit President and Chief Executive Officer H. Charles Maddy, III. “MVB Bank has an excellent reputation for offering its customers first-class customer service. We strive to uphold this tradition by delivering a service that exceeds expectations and makes this transition a smooth experience, ”concluded Maddy.
The transaction is subject to customary closing conditions, including regulatory approvals, and is expected to close in the third quarter of 2021.
Knappe Patton Boggs acted as legal advisor to MVB Bank on this transaction. Bowles Rice, LLP, was the Summit’s legal advisor.
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, MVB Community Development Corporation, Chartwell Compliance, and Paladin Fraud, the company provides financial services to individuals and corporate clients in the Mid Atlantic and beyond. Nasdaq is a leading global provider of trading, clearing, exchange technology, listing, information and services to public companies. You can find more information about MVB at ir.mvbbanking.com.
About Summit Financial Group, Inc.
Summit Financial Group, Inc. is a financial holding company headquartered in Moorefield, W.Va. Summit, provides community banking services primarily in the Eastern Panhandle, Southern, and North Central regions of West Virginia and the Northern, Shenandoah Valley, and Southwestern regions of West Virginia to Virginia and central Kentucky through its subsidiary Summit Community Bank, Inc ., which operates 43 banking locations.
MVB Financial Corp. and Summit Financial Group, Inc. (collectively the “Companies”) have 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 for the future and are subject to risks and uncertainties. Forward-looking statements contain, without limitation, information about possible or anticipated future operating results of the companies and their subsidiaries. Whenever words such as “plans,” “believes,” “expects,” “anticipates,” “continues,” “may” or similar expressions appear in this press release, the companies are making forward-looking statements. Be aware that many factors can affect the company’s future financial results and could cause such results to differ materially from those contained in the forward-looking statements in this press release. These factors include, but are not limited to: credit risk; Changes in market interest rates; Competition; economic downturn or recession; and government regulation and supervision. Additional factors that could cause our actual results to differ materially from those described in our forward-looking statements can be found in the companies’ annual reports on Form 10-K for the fiscal year ended December 31, 2020 and in their other filings with the SEC, which is available on the SEC website at www.sec.gov. Unless required by law, the companies assume no obligation to update or revise forward-looking statements.