Mvb Finl Corp Stock Price, News & Analysis

MVB Financial Corp. (MVBF) has partnered with FHLBank Pittsburgh to allocate $1.5 million to four housing projects in North Central West Virginia as part of the 2022 Affordable Housing Program grants. Notable distributions include $498,993 to Morgantown Community Resources for a veterans’ housing project, $450,000 to Mon Valley Habitat for Humanity for new units in Fairmont, $311,940 for Clarksburg’s owner-occupied units rehabilitation, and $311,940 for Shinnston homes. This initiative supports MVB's commitment to community welfare and addresses housing needs intensified by the pandemic.

MVB Financial Corp. (NASDAQ: MVBF) has declared a quarterly cash dividend of $0.17 per share, consistent with the previous quarter. The dividend will be payable on December 15, 2022 to shareholders on record as of December 1, 2022. MVB reported a strong increase in loan production and net interest income, alongside efforts to reduce noninterest expenses by 12% annually. The company is experiencing growth in Fintech fee income, enhancing its revenue diversification.

MVB Financial Corp. (NASDAQ: MVBF) reported Q3 2022 net income of $2.7 million, or $0.22 EPS, down from Q2 2022. Total deposits increased to $2.70 billion, up 3.1% quarter-over-quarter. Notably, net interest income rose by 11.8% to $30.1 million, driven by strong loan production and interest margin expansion to 4.25%. However, challenges included a decrease in noninterest income, impacted by higher interest rates and loan loss provisions totaling $5.1 million. The company plans a 12% reduction in annualized noninterest expenses by Q1 2023 as part of its strategy to adapt to market conditions.

MVB Financial Corp. (MVBF) has appointed Jan L. Owen to its Board of Directors. Owen brings extensive expertise in regulatory matters and a background in payments and cryptocurrency, expected to enhance MVB's growth in Fintech. Since 2019, she has served as a senior advisor at Manatt, Phelps & Phillips, LLP. Previously, she was the Commissioner of California's Department of Business Oversight. Owen holds a B.A. in Economics from California State University, Fresno. MVB Financial provides financial services in the Mid-Atlantic region through its subsidiary, MVB Bank.

MVB Financial Corp. (MVBF) has successfully completed the acquisition of a 37.5% interest in Warp Speed Holdings LLC for $48 million. The transaction consists of $38.4 million in cash and $9.6 million in MVB common stock. The stock issuance is based on the average closing price over the previous 20 trading days. Raymond James & Associate, Inc. acted as the financial advisor, while Squire Patton Boggs served as legal counsel. This move aligns with MVB's strategy to expand its Fintech offerings and enhance its market position.

MVB Financial Corp. (MVBF) announces the appointment of Steven E. Crouse as Chief Financial Officer following its merger with Integrated Financial Holdings Inc. (IFHI). Crouse brings nearly 30 years of banking experience, previously serving as EVP and CFO at IFH. His new role will involve overseeing financial management and operations at MVB, aiming to enhance shareholder value. Crouse is a Certified Public Accountant and has held key financial positions, indicating a strong leadership presence within the company.

MVB Bank has been recognized as one of the 2022 Best Companies for Remote Workers™, ranking 7th among large companies. The award is based on employee satisfaction surveys assessing leadership, pay, training, and corporate culture. CEO Larry F. Mazza emphasized the importance of maintaining strong company culture as MVB expands its remote workforce to nearly 500 employees across 40 states. MVB has also received several accolades since 2021, highlighting its commitment to a positive work environment.

The Board of Directors of MVB Financial Corp. has appointed W. Marston Becker as the new Chairman, succeeding David B. Alvarez, who is retiring. Mr. Becker joined the Board in November 2020 and has extensive experience in the insurance sector, having held leadership roles in various organizations, including QBE Insurance Group and Alterra Capital Holdings. CEO Larry Mazza highlighted Mr. Becker's valuable experience as MVB implements its strategic plan. Mr. Becker's leadership is anticipated to bolster MVB's growth trajectory.