MVB Financial in West Virginia Raises $37 Million

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.