MVB Financial in Fairmont, W.Va., has purchased two former Susquehanna Bank branches in West Virginia from BB&T.
The $1.3 billion-asset MVB disclosed in a regulatory filing Tuesday that it bought branches in Martinsburg and Inwood. The deal included $69 million of deposits and $17 million of loans. Financial terms were not disclosed.
The $191 billion-asset BB&T in Winston-Salem, N.C., was required by the Justice Department and the Federal Reserve Board to sell the branches as a condition of its purchase of the $19 billion-asset Susquehanna Bancshares, which closed last month.
MVB has five branches in West Virginia's Eastern Panhandle, along with seven branches in the rest of the state.
Deutsche Bank Securities and Wachtell, Lipton, Rosen & Katz advised BB&T. Squire Patton Boggs advised MVB.