Mvb Finl Corp Stock Price, News & Analysis

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.

MVB Financial Corp. (MVBF) declared a quarterly cash dividend of $0.17 per share, consistent with the prior quarter. This dividend, payable on September 15, 2022, serves shareholders of record as of September 1, 2022. The announcement highlights a 21% increase in dividends compared to Q3 2021. CEO Larry F. Mazza noted robust loan growth and stable asset quality contributing to net interest margin expansion. MVB Financial is pursuing strategic growth, including a merger with Integrated Financial Holdings to enhance SBA and lending partnerships.

MVB Financial Corp. announced its definitive merger agreement to acquire Integrated Financial Holdings, Inc. for approximately $98 million. This all-stock transaction, valued at $41.79 per share, aims to enhance MVB's government-guaranteed lending capabilities, notably in SBA and USDA lending.

The merger is anticipated to be accretive to both tangible book value and earnings per share in 2023. The deal has received unanimous board approval and is expected to close in Q1 2023, pending regulatory and shareholder approvals.

MVB Financial Corp. (NASDAQ: MVBF) reported Q2 2022 net income of $3.0 million, or $0.24 per share. Total deposits rose 4.2% quarter-over-quarter to $2.61 billion, driven by strong noninterest-bearing deposits, primarily from the Fintech and gaming sectors. Loan balances increased 16.7% from Q1 2022 to $2.19 billion, reflecting robust loan growth, particularly in consumer sectors. Net interest margin improved to 4.10%, a rise of 92 basis points from Q1 2022, while noninterest income remained stable at $11.9 million. However, provision for loan losses surged to $5.1 million, highlighting some underlying risks.

MVB Financial Corp. (MVBF) has successfully attained Carbon Neutral status, reflecting its commitment to sustainability. Initiated in 2021, the project included an Environmental Emissions Study in partnership with GreenFeet, focusing on emissions from various activities. Additionally, MVB has implemented solar energy solutions in collaboration with Parthian Battery Solutions across its banking centers. By utilizing retired batteries for renewable energy, MVB aims to minimize waste and enhance accessibility to renewable technologies, ensuring all centers operate on renewable energy.

MVB Financial Corp. (NASDAQ: MVBF) has announced a quarterly cash dividend of $0.17 per share, consistent with the previous quarter. This dividend is for shareholders on record as of June 1, 2022 and will be paid on June 15, 2022. CEO Larry F. Mazza emphasized MVB's strong capital position and commitment to creating value for shareholders as the company adapts to market changes.

MVB Financial Corp. has appointed Lindsay Slader as a Member of the Board of Directors, approved by shareholders on May 17, 2022, for a three-year term. Slader, with 15 years in the gaming and digital services sectors, is currently the Managing Director of Gaming at GeoComply, which specializes in cybersecurity and fraud prevention solutions. Her expertise is expected to support MVB's growth in Fintech. This strategic move is aimed at enhancing MVB's capabilities as it continues to expand its services in the financial sector.