MVB Financial-subsidiary MVB Bank has signed a definitive agreement to divest four branches in West Virginia to Summit Community Bank.

The agreement encompasses three MVB Bank locations in Berkeley County and one location in Jefferson County.

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Overall, the deal will see a transfer of around $181m in deposits and $46m in loans to Summit’s books.

MVB Financial president and CEO Larry Mazza said: “This transaction aligns well with the strategic plans of both MVB Bank and Summit Community Bank.

“Summit is committed to grow in the Eastern Panhandle, which is positive for our Retail Team Members and clients in the East.

“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.”

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Summit president and CEO H. Charles Maddy, III said: “The purchase of these branches represents an outstanding opportunity for Summit Community Bank to expand its presence in and commitment to the Eastern Panhandle of West Virginia and adds the convenience of more banking locations for our clients.”

The transaction is slated to close in the second quarter of 2020, subject to regulatory approvals and other closing conditions.

MVB Financial, through its subsidiary MVB Bank, offers financial services to individuals and corporate clients particularly in the Mid-Atlantic region.

In September, the company acquired Chartwell Compliance that offers integrated regulatory compliance and financial crimes prevention services, among others.

Chartwell Compliance counts fintech banks, payment processors and money services businesses among its clients.