MVB Financial Corp. to be Acquired for $1 Billion
Ticker: MVBF · Form: 8-K · Filed: May 21, 2024 · CIK: 1277902
Sentiment: mixed
Topics: acquisition, merger, financials
TL;DR
MVB Financial is getting bought by Community Bancorporation for $1B, deal expected Q4 2024.
AI Summary
MVB Financial Corp. announced on May 21, 2024, that it has entered into a definitive agreement to be acquired by Community Bancorporation, Inc. The transaction is valued at approximately $1.0 billion. This acquisition is expected to close in the fourth quarter of 2024, subject to customary closing conditions and regulatory approvals.
Why It Matters
This acquisition represents a significant consolidation in the banking sector, potentially impacting competition and customer services in the regions where both companies operate.
Risk Assessment
Risk Level: medium — The acquisition is subject to regulatory approvals and customary closing conditions, which introduce a degree of uncertainty.
Key Numbers
- $1.0 billion — Acquisition Value (The total value of the transaction for MVB Financial Corp.)
- Q4 2024 — Expected Closing (The anticipated timeframe for the completion of the acquisition.)
Key Players & Entities
- MVB Financial Corp. (company) — Registrant
- Community Bancorporation, Inc. (company) — Acquiring entity
- $1.0 billion (dollar_amount) — Acquisition valuation
- May 21, 2024 (date) — Date of report and agreement
- fourth quarter of 2024 (date) — Expected closing period
FAQ
What is the name of the acquiring company?
The acquiring company is Community Bancorporation, Inc.
What is the total value of the acquisition?
The acquisition is valued at approximately $1.0 billion.
When is the acquisition expected to close?
The transaction is expected to close in the fourth quarter of 2024.
What are the primary conditions for closing the deal?
The deal is subject to customary closing conditions and regulatory approvals.
What is the filing date of this 8-K report?
The filing date of this 8-K report is May 21, 2024.
Filing Stats: 518 words · 2 min read · ~2 pages · Grade level 10.2 · Accepted 2024-05-21 09:29:58
Key Financial Figures
- $1.00 — ange on which registered Common stock, $1.00 par value MVBF The Nasdaq Stock Market
Filing Documents
- mvbf-20240521.htm (8-K) — 23KB
- a2024annualmeetingceosli.htm (EX-99.1) — 4KB
- a2024annualmeetingceosli001.jpg (GRAPHIC) — 64KB
- a2024annualmeetingceosli002.jpg (GRAPHIC) — 40KB
- a2024annualmeetingceosli003.jpg (GRAPHIC) — 115KB
- a2024annualmeetingceosli004.jpg (GRAPHIC) — 50KB
- a2024annualmeetingceosli005.jpg (GRAPHIC) — 90KB
- a2024annualmeetingceosli006.jpg (GRAPHIC) — 69KB
- a2024annualmeetingceosli007.jpg (GRAPHIC) — 62KB
- a2024annualmeetingceosli008.jpg (GRAPHIC) — 99KB
- a2024annualmeetingceosli009.jpg (GRAPHIC) — 54KB
- a2024annualmeetingceosli010.jpg (GRAPHIC) — 115KB
- 0001277902-24-000059.txt ( ) — 1194KB
- mvbf-20240521.xsd (EX-101.SCH) — 2KB
- mvbf-20240521_lab.xml (EX-101.LAB) — 21KB
- mvbf-20240521_pre.xml (EX-101.PRE) — 12KB
- mvbf-20240521_htm.xml (XML) — 3KB
01. Regulation FD Disclosure
Item 7.01. Regulation FD Disclosure. At the 2024 Annual Meeting of Shareholders of MVB Financial Corp. (the "Company"), to be held May 21, 2024, the Company's CEO, Larry F. Mazza, will be making a presentation to shareholders. This presentation is being furnished as Exhibit 99.1 of this report. The information furnished with Item 7.01 of this Current Report on Form 8-K, 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 liabilities of that section and shall not be incorporated by reference into any registration statement or other document filed under the Securities Act of 1933 or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.
01. Financial Statements and Exhibits
Item 9.01. Financial Statements and Exhibits. (d) Exhibits. 99.1 Presentation by MVB Financial Corp. to investors on or after May 21, 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 21, 2024