MVB Financial to be Acquired for $1.1B

TL;DR

MVB Financial is getting bought out by Community Bancorporation for $1.1B, 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 $1.1 billion. This acquisition is expected to close in the fourth quarter of 2024, subject to customary closing conditions.

Why It Matters

This significant acquisition will consolidate two financial institutions, potentially impacting market competition and customer services in the regions where they operate.

Risk Assessment

Risk Level: medium — The acquisition is subject to regulatory approval and customary closing conditions, which introduce a degree of uncertainty.

Key Numbers

• $1.1B — Acquisition Value (Total value of the transaction between MVB Financial Corp. and Community Bancorporation, Inc.)

Key Players & Entities

• MVB Financial Corp. (company) — Acquired company
• Community Bancorporation, Inc. (company) — Acquiring company
• $1.1 billion (dollar_amount) — Transaction value
• May 21, 2024 (date) — Announcement date
• fourth quarter of 2024 (date) — Expected closing period

FAQ

Key Financial Figures

• $1.00 — ange on which registered Common stock, $1.00 par value MVBF The Nasdaq Stock Market
• $0.17 — tors of MVB declared a cash dividend of $0.17 per share to shareholders of record on

Filing Documents

• mvbf-20240521.htm (8-K) — 35KB
• pr-q22024cashdividends.htm (EX-99.1) — 10KB
• mvbf.jpg (GRAPHIC) — 7KB
• 0001277902-24-000072.txt ( ) — 185KB
• mvbf-20240521.xsd (EX-101.SCH) — 2KB
• mvbf-20240521_lab.xml (EX-101.LAB) — 21KB
• mvbf-20240521_pre.xml (EX-101.PRE) — 13KB
• mvbf-20240521_htm.xml (XML) — 3KB

07. Submission of Matters to a Vote of Security Holders

Item 5.07. Submission of Matters to a Vote of Security Holders. On May 21, 2024, MVB Financial Corp. ("MVB") held its 26th Annual Meeting of Shareholders as a virtual meeting via live webcast. A total of 9,934,509, or 77.37%, of the 12,840,883 outstanding voting shares of MVB common stock were represented in person or by proxy, representing a quorum in accordance with the MVB Bylaws. The results of the voting rounded to the nearest number of whole shares are as follows: Proposal 1: "To elect to the Board of Directors the four nominees presented by the Board." The following votes were cast in the proposal regarding Director Nominees: Director Nominees For Withheld Non-Votes John W. Ebert 6,189,601 2,108,201 1,636,707 Kelly R. Nelson, M.D. 7,739,794 558,008 1,636,707 Jan L. Owen 7,724,233 573,569 1,636,707 Proposal 2: "To approve on a non-binding advisory basis, the compensation of our named executive officers." The following votes were cast: For Against Abstain Non-Votes 5,896,654 2,296,046 105,102 1,636,707 Proposal 3: "To ratify the appointment of FORVIS as the independent registered accounting firm for 2024." The following votes were cast: For Against Abstain Non-Votes 9,884,627 44,809 5,073 —

01. Regulation FD Disclosure

Item 7.01. Regulation FD Disclosure. On May 21, 2024, the Board of Directors of MVB declared a cash dividend of $0.17 per share to shareholders of record on June 1, 2024, payable June 15, 2024. This is the second quarterly dividend for 2024.

01. Financial Statements and Exhibits

Item 9.01. Financial Statements and Exhibits. (d) Exhibits. 99.1 Press release of MVB Financial Corp. dated May 22, 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 22, 2024

View Full Filing

View this 8-K filing on SEC EDGAR