MVB Bank today announced it has completed the acquisition of two branches of Susquehanna, a division of Branch Banking and Trust Company. Conversion of systems and MVB branding for the two new branch locations were executed over the weekend following the transaction close and new clients saw no disruption of services.
MVB Bank will assume approximately $69 million of deposits and $17 million of loans and increase its market footprint from three branches in West Virginia's Eastern Panhandle to five in Berkeley and Jefferson counties.
"This strategic acquisition in the Eastern Panhandle strengthens our presence in the area and provides more opportunities to bring our relationship philosophy to our full spectrum of financial services including banking, mortgage, insurance and wealth management services to serve clients in the market," said Larry F. Mazza, CEO, MVB Financial Corp. "We welcome our new team members on board to continue to provide our clients with the best possible service experience. Their strong relationships are perfectly aligned with our philosophy of being a trusted partner for our clients."
The acquisition, which was announced in May 2015, includes two branches in Berkeley County, West Virginia(704 Foxcroft Avenue in Martinsburg, West Virginia, and 5091 Gerrardstown Road in Inwood, West Virginia). This acquisition represents the third and fourth new branch locations MVB Bank has opened in 2015, increasing the bank's footprint to 12 locations in West Virginia.
MVB Financial Corp. was formed on January 1, 2004 as a bank holding company and, effective December 19, 2012, elected to become a financial holding company. MVB Financial features multiple subsidiaries and affiliated businesses, including MVB Bank, Inc., Potomac Mortgage Group, Inc. which does business as MVB Mortgage, and MVB Insurance, LLC. The Company's principal executive offices are located at 301 Virginia Avenue, Fairmont, W.Va., 26554-2777, and its telephone number is (304) 363-4800. For additional information regarding MVBF visit ir.mvbbanking.com. The OTCQB is a market tier operated by the OTC Market Group Inc., for over-the-counter traded companies that are current in their reporting with a U.S. regulator.