MVB Mortgage and Intercoastal Mortgage Company Enter Agreement to Form One of the Largest Independent Mortgage Banking Operations in the Mid-Atlantic Region
MVB Financial Corp. (MVBF)
NASDAQ:AMEX Investor Relations:
ir.mvbbanking.com/corporateprofile
Company Research
Source: Business Wire
FAIRMONT, W. Va.--(BUSINESS WIRE)--MVB Financial Corp. (NASDAQ: MVBF) (“MVB Financial” or “MVB”) and its wholly-owned subsidiary MVB Bank, Inc. (the “Bank”) announce that the Bank’s subsidiary Potomac Mortgage Group, Inc. (dba MVB Mortgage) has entered into an agreement with Intercoastal Mortgage Company (“ICMC”), a Van Metre Company. MVB Mortgage and ICMC will form one of the largest independently owned residential mortgage lending operations in the Mid-Atlantic Region: Intercoastal Mortgage, LLC.Per the terms of the agreement, MVB Mortgage will contribute substantially all its assets and in exchange will receive common units representing 47% of the common interest of ICMC, as well as $7.5 million in preferred units.MVB will recognize its ownership as a fair value equity investment and will no longer consolidate MVB Mortgage’s financial results. As such, MVB management expects the transaction to increase MVB tangible book value by $1.40 per common share.“Timing is everything with
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MVBF
News
- MVB Financial Corp. Declares Fourth Quarter 2024 DividendBusiness Wire
- MVB Names Risk Management Industry Leader Joe Rodriguez as Chief Risk Officer [Yahoo! Finance]Yahoo! Finance
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- MVB Financial Corp. Announces Third Quarter 2024 ResultsBusiness Wire
- MVB Financial (NASDAQ:MVBF) investors are sitting on a loss of 54% if they invested three years ago [Yahoo! Finance]Yahoo! Finance
MVBF
Earnings
- 10/30/24 - Miss
MVBF
Sec Filings
- 11/21/24 - Form 8-K
- 11/14/24 - Form 8-K
- 11/5/24 - Form 8-K
- MVBF's page on the SEC website