Summit Community Bank, part of Summit Financial Group, has agreed to purchase substantially all of MVB Bank’s Southern West Virginia community banking operations.

With the deal, which awaits regulatory nod, Summit will assume certain deposits and loans whose balances are around $193m and $57m, respectively.

The deal is scheduled to complete in the third quarter of this year.

Summit president and CEO H. Charles Maddy, III said: “Summit’s purchase of these branches represents an outstanding opportunity to expand our presence in and commitment to the Charleston-Huntington, West Virginia, market as well as adds the convenience of more banking locations for our clients.”

The deal includes the purchase of MVB Bank’s banking centres at 400 Washington Street East, Charleston; 3754 Teays Valley Road, Hurricane; 660 Central Avenue, Barboursville; and 999 4th Avenue, Huntington.

MVB Bank’s drive-up banking locations at 6441 Farmdale Road, Barboursville, as well as 940 5th Avenue, Huntington are also part of the acquisition.

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Moorefield-based Summit Financial Group offers community banking services mainly in the Eastern Panhandle, Southern and North Central regions of West Virginia. It is a $3.25bn financial holding company.

Last year, MVB Bank completed a deal to divest four branches located in the Eastern Panhandle of West Virginia to Summit Community Bank.

The acquisition involved three MVB Bank locations in Berkeley County and one location in Jefferson County.

MVB Financial president and CEO Larry Mazza said that the two parties are aligned in its core values.

Commenting on the latest deal, Mazza noted: “The sale of our South Market banking centres allows MVB to focus our growth on our core commercial markets in North Central West Virginia and Northern Virginia, as well as our expanding Fintech vertical.

“This transaction is the latest in a series of opportunistic activities undertaken by MVB that have resulted in industry-leading value creation for MVB shareholders.”