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. (NASDAQ: MVBF) had its price target lowered by analysts at JPMorgan Chase & Co. from $28.00 to $25.00. They now have an "overweight" rating on the stock.MarketBeat
- MVB Financial Corp. Announces First Quarter 2024 Results [Yahoo! Finance]Yahoo! Finance
- MVB Financial Corp. Announces First Quarter 2024 ResultsBusiness Wire
- MVB Financial Corp. (NASDAQ: MVBF) had its price target lowered by analysts at JPMorgan Chase & Co. from $30.00 to $28.00. They now have an "overweight" rating on the stock.MarketBeat
- Investors in MVB Financial (NASDAQ:MVBF) have unfortunately lost 31% over the last three years [Yahoo! Finance]Yahoo! Finance
MVBF
Earnings
- 4/29/24 - Miss
MVBF
Sec Filings
- 5/3/24 - Form 4
- 5/3/24 - Form 4
- 5/3/24 - Form 4
- MVBF's page on the SEC website