MVB to sell four branches in eastern West Virginia to Summit
MVB Financial in Fairmont, W.Va., is selling four branches in its home state to Summit Financial Group in Moorefield, W.Va.
The $2 billion-asset MVB said in a press release Friday that its bank will sell the branches, located in Martinsburg, Inwood and Charles Town, to the $2.3 billion-asset Summit. The deal includes $181 million in deposits and $46 million in loans.
Summit will pay an 8% premium for the deposits. The deal is expected to close in the second quarter.
“Summit is committed to grow in the Eastern Panhandle, which is positive for our retail team members and clients,” Larry Mazza, MVB’s president and CEO, said in the release.
“MVB intends to focus our growth in our core commercial markets in West Virginia and Northern Virginia, supported by our retail footprint, as well as our expanding fintech vertical," Mazza added.
Squire Patton Boggs advised MVB. Bowles Rice advised Summit.