Fairmont, West Virginia-based MVB Financial, the parent of MVB Bank, has bought a majority stake in Trabian Technology – a software development company catering to community banks, credit unions, digital banks and fintechs.

Financial terms of the transaction were not disclosed.

The deal is said to improve MVB’s ability to develop solutions for fintech clients.

Trabian will be also integral in MVB’s developing venture space, and strengthening partner offerings in the technology space, MVB said.

Trabian founder and CEO Matt Dean has assumed the role of executive chairman of its board of directors and will retain the role of CEO.

Besides, co-founder and COO Trey Reeme will become Trabian president.

MVB Financial president and CEO Larry Mazza said: “The acquisition of Trabian will significantly enhance our expanding Fintech vertical by putting more ‘Tech’ in our ‘Fin’.

“Trabian’s well-established reputation and nearly two decades of Fintech experience carry with it a leading role in the financial services ecosystem and an established book of business, simultaneously adding a new revenue stream and profit center and technological expertise that will benefit MVB and all of our stakeholders.”

Trabian develops digital products, web as well as mobile applications for financial institutions. The firm was set up in 2003.

“Joining the MVB family allows Trabian to continue to grow and fulfil its goal of helping community-focused financial institutions and Fintechs improve their products and services to meet the needs of their customers, while also providing an avenue to differentiate the company from non-Fintech focused development shops,” Dean noted.

Last year, MVB Financial acquired security company Paladin Group to enhance its fraud prevention capabilities.

Paladin offers a suite of customisable services to merchants, credit agencies, fintechs and vendors.