MVB Bank’s parent firm MVB Financial has signed a definitive agreement to acquire a 38% stake in Warp Speed Holdings.

The deal is valued at $48m, which comprises $38.4m in cash and MVB common stock worth $9.6m.

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Subject to regulatory approval, the deal is expected to close in mid-2022.

Warp is a horizontally integrated financial services platform, which is focused on residential and commercial loan origination and servicing along with insurance and data analytics.

MVB Financial and MVB Bank CEO Larry Mazza said: “This investment is a continued extension of our partnership model with leading financial service providers that focus on using technology to deliver a superior customer experience and attractive financial results.

“We are impressed with what founders Josh Erskine and Shane Erskine and their team have built to date and believe Warp is just beginning to scratch the surface of its potential.”

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Warp acts as the holding company for firms that include CalCon Mutual Mortgage, dba OneTrust Home Loans, One Trust International, and Warp Speed Mortgage, collectively called OneTrust. It also has investments in Click2Bind Insurance, Empower Title and Grind Analytics.

MVB stated that OneTrust has developed an independent loan origination platform and Warp firms originated more than $4bn in loans over 2020 and 2021.

It expects to benefit from OneTrust’s focus on traditional retail and commercial lending and its direct-to-consumer channel will benefit MVB’s existing commercial banking business.

Warp chairman and CEO said Josh Erskine said: “MVB has established itself as a leading technology-forward bank serving middle market retail and commercial customers.

“The synergies and joint value created by this partnership are substantial and will speed up the profit-focused growth path that Warp is already on.”