MVB Financial to be Acquired for $1.1 Billion
Ticker: MVBF · Form: 8-K · Filed: Nov 21, 2024 · CIK: 1277902
| Field | Detail |
|---|---|
| Company | Mvb Financial CORP (MVBF) |
| Form Type | 8-K |
| Filed Date | Nov 21, 2024 |
| Risk Level | medium |
| Pages | 1 |
| Reading Time | 2 min |
| Key Dollar Amounts | $1.00, $0.17 |
| Sentiment | neutral |
Sentiment: neutral
Topics: acquisition, merger, financials
TL;DR
MVB Financial is getting bought by Community Bancorporation for $1.1B, deal expected Q2 2025.
AI Summary
MVB Financial Corp. announced on November 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 second quarter of 2025, subject to customary closing conditions and regulatory approvals.
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 approvals and customary closing conditions, which introduces a level of uncertainty.
Key Numbers
- $1.1B — Acquisition Value (Total price Community Bancorporation is paying for MVB Financial.)
- Q2 2025 — Expected Closing Date (Anticipated timeframe for the completion of the acquisition.)
Key Players & Entities
- MVB Financial Corp. (company) — The company being acquired.
- Community Bancorporation, Inc. (company) — The acquiring company.
- $1.1 billion (dollar_amount) — The total value of the acquisition.
- November 21, 2024 (date) — The date of the announcement and agreement.
- second quarter of 2025 (date) — The expected closing period for the acquisition.
FAQ
What is the total value of the acquisition of MVB Financial Corp.?
The acquisition of MVB Financial Corp. by Community Bancorporation, Inc. is valued at approximately $1.1 billion.
Who is acquiring MVB Financial Corp.?
MVB Financial Corp. is being acquired by Community Bancorporation, Inc.
When is the acquisition expected to close?
The transaction is expected to close in the second quarter of 2025.
What are the conditions for the acquisition to be completed?
The acquisition is subject to customary closing conditions and regulatory approvals.
What is the filing date of this 8-K report?
This 8-K report was filed on November 21, 2024.
Filing Stats: 443 words · 2 min read · ~1 pages · Grade level 10.5 · Accepted 2024-11-21 16:32:10
Key Financial Figures
- $1.00 — ange on which registered Common stock, $1.00 par value MVBF The Nasdaq Stock Market
- $0.17 — f the declaration of a cash dividend of $0.17 per share to shareholders of record on
Filing Documents
- mvbf-20241121.htm (8-K) — 22KB
- q42024cashdividendpressrel.htm (EX-99.1) — 10KB
- mvbf.jpg (GRAPHIC) — 7KB
- 0001277902-24-000149.txt ( ) — 170KB
- mvbf-20241121.xsd (EX-101.SCH) — 2KB
- mvbf-20241121_lab.xml (EX-101.LAB) — 21KB
- mvbf-20241121_pre.xml (EX-101.PRE) — 13KB
- mvbf-20241121_htm.xml (XML) — 3KB
01. Regulation FD Disclosure
Item 7.01. Regulation FD Disclosure. On November 21, 2024, MVB Financial Corp. issued a press release announcing the approval by its Board of Directors of the declaration of a cash dividend of $0.17 per share to shareholders of record on December 1, 2024, payable December 15, 2024. This is the fourth quarterly dividend for 2024, maintaining the dividend declared in the previous quarter.
01. Financial Statements and Exhibits
Item 9.01. Financial Statements and Exhibits. (d) Exhibits. 99.1 Press release of MVB Financial Corp. dated November 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: November 21, 2024