FAIRMONT, W.Va.–(GLOBE NEWSWIRE)–MVB Bank, Inc., a wholly-owned subsidiary of MVB Financial Corp. (“MVB” “MVB Financial”) (NASDAQ: MVBF), announced today the signing of a definitive agreement under which Summit Community Bank, Inc., a subsidiary of Summit Financial Group, Inc. (“Summit”) (NASDAQ: SMMF), will acquire three MVB Bank locations in Berkeley County (651 Foxcroft Ave., Martinsburg; 231 Aikens Center, Martinsburg; and 5091 Gerrardstown Road, Inwood) and one MVB Bank location in Jefferson County (88 Somerset Boulevard, Charles Town). Summit will assume certain deposits and loans whose balances at 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 Corp.
“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 Chief Executive Officer, 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,” Maddy concluded.
The transaction is subject to customary closing conditions, including regulatory approvals, and is expected to close early in the second quarter of 2020.