West Virginia bank buys fraud prevention firm
MVB Financial in Fairmont, W.Va., has acquired a fraud prevention firm in Washington state.
The $1.9 billion-asset MVB said in a press release Monday that it used cash and stock to buy Paladin Group.
Paladin, which provides fraud protection and training to commercial clients, will keep its name and operate as a unit of MVB Bank. Jim Houlihan will remain the firm's chairman and Jamon Whitehead will continue as its president.
Paladin will provide services to MVB and the bank’s fintech clients.
“This acquisition is another creative way that MVB is turning an expense into a profit center to the benefit of our shareholders,” Larry Mazza, MVB's president and CEO, said in the release.
MVB invests in fintech companies. It also bought Chartwell Compliance, a Bethesda, Md., compliance consultant, last fall.