Summit Community Bank, a wholly-owned subsidiary of Summit Financial Group, has completed its previously announced acquisition of MVB Bank’s branch locations in Southern West Virginia.
The acquisition includes four full-service banking centres and two drive-thru banking locations.
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Summit president and CEO H. Charles Maddy, III said: “We are excited to welcome the clients and employees of the four former MVB Bank branches to the Summit Community Bank team.
“We are very excited by the prospects for this expansion of our presence in and commitment to the Southern West Virginia region.”
In April, Summit signed agreements to purchase substantially all of MVB Bank’s Southern West Virginia community banking operations.
The move involved the transfer of $167m of deposit and $55m of loan balances respectively.
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By GlobalDataMVB Financial president and CEO Larry F. Mazza said: “This South Market transaction continues a series of opportunistic actions in recent years that have resulted in significant value creation for MVB shareholders.
“Since 2015, tangible book value per share at MVB has grown at a 15% compound annual growth rate, well above the industry average. This banking centre divestiture also allows for a sharpened focus on our core commercial markets in North Central West Virginia and Northern Virginia, as well as our rapidly growing Fintech business.”
Summit Financial Group is a $3.3bn financial holding company headquartered in West Virginia. Its subsidiary Summit Community Bank has 46 banking locations.
