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MVB Mortgage & ICMC partner for mortgage banking operations in Mid-Atlantic

MVB Financial Corp. and its wholly-owned subsidiary MVB Bank, Inc. has announced that the Bank’s subsidiary Potomac Mortgage Group, Inc. (MVB Mortgage) has entered into an agreement with Intercoastal Mortgage Company (ICMC), a Van Metre Company to form an independently owned residential mortgage lending operations in the Mid-Atlantic Region: Intercoastal Mortgage, LLC. Upon receiving regulatory approvals, the deal is expected to close in the second quarter of this year.

The new company Intercoastal Mortgage will be headquartered in Fairfax, Virginia with additional offices in McLean and Ashburn, as well as the District of Columbia, Maryland, West Virginia, North Carolina, South Carolina, Georgia, and Florida.

As per the agreement, MVB Mortgage will contribute substantially all its assets and in exchange will receive common units representing 47% of the common interest of ICMC, as well as $7.5 million in preferred units.

“Timing is everything with the 10-year treasury at a near all-time low, and this unique opportunity with Intercoastal Mortgage allows us to take a smaller piece of a much larger pie for greater returns for the short and long term. This strategy is one more example of how MVB Financial has explored creative ways to enhance shareholder value. This new relationship positions MVB to have a larger share of one of the best markets in the nation and to gain synergies and economies, as well as technology, partnering with the phenomenal Van Metre Company, one of the best trusted partners you can have,” said Larry F. Mazza, CEO and President, MVB Financial Corp.

On completion of the transaction, Ed Dean, CEO, MVB Mortgage, and Peter Cameron, President, MVB Mortgage will become the CEO and President respectively of ICMC and Tom Pyne, COO, ICMC, will become COO of the combined entity.

“We wanted to create a company with a culture of teamwork, where everyone has a voice in the management of our processes. PMG/MVBM was 100% a realization of that dream. Continuing in that spirit, this merger is more than just a win-win opportunity,” said Ed Dean, CEO, MVB Mortgage.

He further added, “MVB Mortgage and ICMC have been ownership partners of Lenderworks (a shared services platform created in 2011) since 2013. We both saw record volume in 2019 and are experiencing record volume right now. We are highly compatible in our philosophies, our technologies and the management of our lending practices. In a market where scale is of the utmost importance, we feel this transaction positions us to achieve significant growth in the coming years.”

Fairmont based MVB Financial Corp (MVB Financial) is a bank holding company. Through its subsidiary, MVB Bank, Inc., and the bank’s subsidiaries, MVB Mortgage, MVB Community Development Corporation and Chartwell Compliance, the company provides community banking, mortgage banking, insurance and wealth management services to individuals and corporate clients in the Mid-Atlantic region and beyond.

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