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MVB Financial acquires deposits and assets of The First State Bank

MVB Financial and its wholly-owned subsidiary MVB Bank has announced that the bank has acquired the deposits and certain assets of The First State Bank of Barboursville through an agreement with the Federal Deposit Insurance Corporation (FDIC). The West Virginia Department of Financial Institutions declared First State insolvent and appointed FDIC as the receiver.

The acquisition is expected to complete immediately, and as of De cember 31, 2019, First State had approximately $139.5 million in total deposits. MVB Bank has also announced that all deposits are to be assumed by the bank and hence no depositors will bear losses.

“We are pleased to welcome the clients of First State to the MVB family and want to assure them that their deposits are safe, secure and readily accessible. It will be business as usual on Saturday at all of the former First State banking centers and drive-thru locations as First State becomes a part of MVB Bank. As a trusted partner on the financial frontier, we are committed to the success of the clients and communities we serve,” said Larry F. Mazza, President and CEO, MVB Financial.

The bank has announced that up to applicable limits, client deposits will continue to be insured by the FDIC, and clients do not need to take any immediate action to maintain that insurance coverage. In the light of the COVID-19 pandemic, it has also announced that the health and safety of team members and clients are of almost importance and hence banking center lobbies will be open based on appointment.

“MVB Bank’s strong financial position has enabled us to complete this strategic purchase. Our solid performance validates our focus on asset quality, liquidity and strong capitalization. This acquisition aligns with MVB’s strategy for growth in our core commercial markets in West Virginia and Northern Virginia, which also powers our expanding Fintech vertical,” added Mazza.

Fairmont based MVB Financial Corp (MVB Financial) is a bank holding company. The bank has recently partnered with ICMC for mortgage banking operations in Mid-Atlantic.

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