MVB Financial (MVBF) in Fairmont, W.Va., has raised more than $37 million by issuing subordinated debt and selling preferred stock.
The $782 million-asset company disclosed in a regulatory filing Monday that it had issued $29.4 million in subordinated debt to various unnamed investors. The notes expire in 10 years and carry annual interest rates of 7% to 7.5%. At select periods, the holders, with proper notice, can elect to convert some or all of the notes into common stock.
MVB also disclosed that it must secure consent from the subordinated debtholders before issuing any new senior debt in excess of $15 million.
The company also disclosed that it had sold two classes of convertible preferred stock for roughly $7.8 million.