MVB Bank to Sell Four Banking Centers to Summit Community Bank
NOV 25, 2019 - 6:25 am
MVB Bank signed a definitive agreement under which Summit Community Bank, a subsidiary of Summit Financial Group, will acquire three MVB Bank locations in Berkeley County and one MVB Bank location in Jefferson County, WV.
Summit will assume certain deposits and loans whose balances as of September 30, 2019 were approximately $181 million and $46 million, respectively.
“This transaction aligns well with the strategic plans of both MVB Bank and Summit Community Bank. Summit is committed to grow in the Eastern Panhandle, which is positive for our retail team members and clients in the East. MVB intends to focus our growth in our core commercial markets in West Virginia and Northern Virginia, supported by our retail footprint, as well as our expanding fintech vertical,” said Larry F. Mazza, president and CEO, MVB Financial.
“The purchase of these branches represents an outstanding opportunity for Summit Community Bank to expand its presence in and commitment to the Eastern Panhandle of West Virginia and adds the convenience of more banking locations for our clients,” stated Summit’s President and CEO H. Charles Maddy, III. “MVB Bank has a long-standing reputation of providing their clients with superior customer service, and we are dedicated to upholding this tradition by providing ‘Service Beyond Expectations’ and making this transition a smooth experience.”
The transaction is subject to customary closing conditions, including regulatory approvals, and is expected to close early in the second quarter of 2020.
Squire Patton Boggs served as legal counsel to MVB Bank. Bowles Rice served as legal counsel to Summit.
MVB Bank provides financial services to individuals and corporate clients in the Mid-Atlantic region and beyond.
Summit Financial provides community banking services primarily in the Eastern Panhandle and Southern regions of West Virginia and the Northern, Shenandoah Valley and Southwestern regions of Virginia, through its bank subsidiary, Summit Community Bank.
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