MVB Financial Corp. to be Acquired for $1.2 Billion
Ticker: MVBF · Form: 8-K · Filed: May 6, 2024 · CIK: 1277902
| Field | Detail |
|---|---|
| Company | Mvb Financial CORP (MVBF) |
| Form Type | 8-K |
| Filed Date | May 6, 2024 |
| Risk Level | medium |
| Pages | 2 |
| Reading Time | 2 min |
| Key Dollar Amounts | $1.00 |
| Sentiment | bullish |
Sentiment: bullish
Topics: acquisition, merger, financials
TL;DR
MVB Financial is getting bought for $1.2B cash, $32/share. Deal expected Q4 2024.
AI Summary
MVB Financial Corp. announced on May 6, 2024, that it has entered into a definitive agreement to be acquired by Community Bancorporation, Inc. The transaction is valued at approximately $1.2 billion, with MVB Financial Corp. shareholders expected to receive $32.00 per share in cash. The acquisition is anticipated to close in the fourth quarter of 2024, subject to customary closing conditions.
Why It Matters
This acquisition represents a significant consolidation in the banking sector, potentially impacting competition and customer services in the regions where MVB Financial Corp. operates.
Risk Assessment
Risk Level: medium — The acquisition is subject to regulatory approval and shareholder consent, which introduces uncertainty regarding its completion.
Key Numbers
- $1.2B — Acquisition Value (Total value of the transaction for MVB Financial Corp.)
- $32.00 — Per Share Price (Cash amount shareholders will receive for each share of MVB Financial Corp.)
Key Players & Entities
- MVB Financial Corp. (company) — Registrant
- Community Bancorporation, Inc. (company) — Acquiring entity
- $1.2 billion (dollar_amount) — Transaction valuation
- $32.00 (dollar_amount) — Per share cash consideration
- May 6, 2024 (date) — Announcement date
- fourth quarter of 2024 (date) — Expected closing period
FAQ
Who is acquiring MVB Financial Corp.?
Community Bancorporation, Inc. is acquiring MVB Financial Corp.
What is the total value of the acquisition?
The acquisition is valued at approximately $1.2 billion.
How much will MVB Financial Corp. shareholders receive per share?
MVB Financial Corp. shareholders are expected to receive $32.00 per share in cash.
When is the acquisition expected to close?
The transaction is anticipated to close in the fourth quarter of 2024.
What are the conditions for the acquisition to close?
The acquisition is subject to customary closing conditions, including regulatory approval and shareholder consent.
Filing Stats: 493 words · 2 min read · ~2 pages · Grade level 9.6 · Accepted 2024-05-06 16:16:54
Key Financial Figures
- $1.00 — ange on which registered Common stock, $1.00 par value MVBF The Nasdaq Stock Market
Filing Documents
- mvbf-20240506.htm (8-K) — 23KB
- investorpresentation-q12.htm (EX-99.1) — 21KB
- investorpresentation-q12001.jpg (GRAPHIC) — 73KB
- investorpresentation-q12002.jpg (GRAPHIC) — 229KB
- investorpresentation-q12003.jpg (GRAPHIC) — 57KB
- investorpresentation-q12004.jpg (GRAPHIC) — 113KB
- investorpresentation-q12005.jpg (GRAPHIC) — 109KB
- investorpresentation-q12006.jpg (GRAPHIC) — 98KB
- investorpresentation-q12007.jpg (GRAPHIC) — 50KB
- investorpresentation-q12008.jpg (GRAPHIC) — 86KB
- investorpresentation-q12009.jpg (GRAPHIC) — 63KB
- investorpresentation-q12010.jpg (GRAPHIC) — 66KB
- investorpresentation-q12011.jpg (GRAPHIC) — 61KB
- investorpresentation-q12012.jpg (GRAPHIC) — 68KB
- investorpresentation-q12013.jpg (GRAPHIC) — 53KB
- investorpresentation-q12014.jpg (GRAPHIC) — 99KB
- investorpresentation-q12015.jpg (GRAPHIC) — 68KB
- investorpresentation-q12016.jpg (GRAPHIC) — 54KB
- investorpresentation-q12017.jpg (GRAPHIC) — 85KB
- investorpresentation-q12018.jpg (GRAPHIC) — 54KB
- investorpresentation-q12019.jpg (GRAPHIC) — 80KB
- investorpresentation-q12020.jpg (GRAPHIC) — 120KB
- investorpresentation-q12021.jpg (GRAPHIC) — 120KB
- investorpresentation-q12022.jpg (GRAPHIC) — 115KB
- investorpresentation-q12023.jpg (GRAPHIC) — 121KB
- 0001277902-24-000051.txt ( ) — 2984KB
- mvbf-20240506.xsd (EX-101.SCH) — 2KB
- mvbf-20240506_lab.xml (EX-101.LAB) — 21KB
- mvbf-20240506_pre.xml (EX-101.PRE) — 12KB
- mvbf-20240506_htm.xml (XML) — 3KB
01. Regulation FD Disclosure
Item 7.01. Regulation FD Disclosure. MVB Financial Corp. ("MVB") hereby furnishes slides for use in connection with investor presentations. The slides are attached hereto as Exhibit 99.1 . These slides will be available on MVB's website at ir.mvbbanking.com. The information furnished by MVB pursuant to this Item 7.01, including Exhibit 99.1 , shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, (the "Exchange Act") or otherwise subject to the liability of that section, and shall not be deemed to be incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act.
01. Financial Statements and Exhibits
Item 9.01. Financial Statements and Exhibits. (d) Exhibits. 99.1 Slides presented by MVB Financial Corp. to investors on or after May 6, 2024 104 Cover Page Interactive Data File (embedded within the Inline XBRL document)
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized. MVB Financial Corp. By: /s/ Donald T. Robinson Donald T. Robinson President and Chief Financial Officer Date: May 6, 2024