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FAIRMONT, W.Va.–(BUSINESS WIRE)–MVB Cyberbanking Corp. (NASDAQ: MVBF) (“MVB Financial” or “MVB”) and its wholly-owned accessory MVB Bank, Inc. (“MVB Bank”) appear that MVB Bank has purchased the deposits and assertive assets of The First State Bank (“First State”) through an acceding with the Federal Deposit Allowance Corporation (FDIC). The West Virginia Department of Cyberbanking Institutions declared First State bankrupt today and appointed the FDIC as receiver. The acquirement by MVB Bank is able immediately. As of December 31, 2019, First State had about $139.5 actor in absolute deposits.
“We are admiring to acceptable the audience of First State to the MVB ancestors and appetite to assure them that their deposits are safe, defended and readily accessible. It will be business as accepted on Saturday at all of the above First State cyberbanking centers and drive-thru locations as First State becomes a allotment of MVB Bank,” said Larry F. Mazza, President and CEO, MVB Financial. “As a trusted accomplice on the cyberbanking frontier, we are committed to the success of the audience and communities we serve.”
All deposits are actuality affected by MVB Bank consistent in no losses to any depositor. Client deposits will abide to be insured by the FDIC up to applicative limits, and audience do not charge to booty any absolute activity to advance that allowance coverage. Over the weekend, First State audience will be able to admission their money by autograph checks, accessing online cyberbanking or application an ATM or their debit card. Cyberbanking centers will accomplish beneath accustomed business hours on Saturday. To assure the bloom and assurance of Team Members and audience during the advancing COVID-19 situation, cyberbanking centermost lobbies will be accessible by arrangement only.
“MVB Bank’s able cyberbanking position has enabled us to complete this cardinal purchase. Our solid achievement validates our focus on asset quality, clamminess and able capitalization,” Mazza said. “This accretion aligns with MVB’s action for advance in our amount bartering markets in West Virginia and Northern Virginia, which additionally admiral our accretion Fintech vertical.”
About MVB Cyberbanking Corp.
MVB Cyberbanking Corp. (“MVB Financial” or “MVB”), the captivation aggregation of MVB Bank, Inc., is about traded on The Nasdaq Capital Market® beneath the ticker “MVBF.” Nasdaq is a arch all-around provider of trading, clearing, barter technology, listing, advice and accessible aggregation services. Through its subsidiary, MVB Bank, Inc., and the Bank’s subsidiaries, MVB Mortgage, MVB Community Development Corporation and Chartwell Compliance, the aggregation provides cyberbanking casework to individuals and accumulated audience in the Mid-Atlantic arena and beyond. For added advice about MVB, amuse appointment http://ir.mvbbanking.com.
MVB Cyberbanking Corp. (the “Company”) has fabricated advanced statements, aural the acceptation of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Barter Act of 1934, as amended, in this Press Release. These advanced statements are based on accepted expectations about the approaching and accountable to risks and uncertainties. Advanced statements include, after limitation, advice apropos accessible or affected approaching after-effects of operations of the Aggregation and its subsidiaries. When words such as “plans,” “believes,” “expects,” “anticipates,” “continues,” “may” or agnate expressions action in this Press Release, the Aggregation is authoritative advanced statements. Note that abounding factors could affect the approaching cyberbanking after-effects of the Aggregation and its subsidiaries, both alone and collectively, and could account those after-effects to alter materially from those bidding in the advanced statements independent in this Press Release. Those factors accommodate but are not bound to: acclaim risk; changes in bazaar absorption rates; disability to accomplish advancing synergies; adeptness to auspiciously accommodate contempo mergers and acquisitions, including First State; competition; breadth and severity of the contempo COVID-19 (coronavirus) beginning and its appulse on the Company’s business and cyberbanking condition; bread-and-butter abatement or recession; and government adjustment and supervision. Additional factors that may account our absolute after-effects to alter materially from those declared in our advanced statements can be begin in the Company’s Annual Report on Form 10-K for the year concluded December 31, 2019, as able-bodied as its added filings with the SEC, which are accessible on the SEC website at www.sec.gov. Except as appropriate by law, the Aggregation undertakes no obligation to amend or alter any advanced statements.
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