MVB Financial (MVBF) in Fairmont, W.Va., disclosed that it had sold a large stake in a mortgage processing entity.
The $782 million-asset company said in a press release Tuesday that it halved its stake in Lender Service Provider, to 25%, during the third quarter after adding two members to the processing firm. MVB did not disclose terms of the sale.
MVB picked up the stake in Lender Service Provider when it bought Potomac Mortgage Group in northern Virginia earlier this year. MVB said that reducing its stake in the business will reduce ongoing mortgage processing costs by adding additional volume.
Last month, MVB agreed to buy CFG Community Bank in Lutherville, Md., for $30 million in cash and stock.