HUNTINGTON — MVB Bank is selling four banking centers in southern West Virginia to Summit Community Bank.
MVB Bank, a wholly owned subsidiary of MVB Financial Corp., announced Friday the signing of a definitive agreement under which Summit Community Bank, a subsidiary of Summit Financial Group, will acquire all of MVB Bank’s southern West Virginia community banking operations.
The transaction includes MVB’s full-service banking centers at 660 Central Ave. in Barboursville; 999 4th Ave. in Huntington; 400 Washington St. E. in Charleston; and 3754 Teays Valley Road in Hurricane.
In addition, Summit will acquire MVB Bank’s drive-up banking locations at 6441 Farmdale Road in Barboursville and 940 5th Ave. in Huntington.
The transaction is subject to customary closing conditions, including regulatory approvals, and is expected to close in the third quarter of 2021.
“I can’t tell you how excited Summit Community Bank is to have such a presence in Cabell, Putnam and Kanawha counties with the acquisition of these branch offices, said Geoffrey Sheils, regional president of Summit Community Bank in Huntington. “Summit is dedicated to its mission of ‘Service Beyond Expectations’ and is eager to welcome these MVB Bank customers to the Summit family. With a hometown leadership team assembled in these local markets, we feel uniquely positioned to be able to fulfill this mission and meet the needs of these customers and to grow this franchise organically.”
MVB acquired the Huntington and Barboursville locations a year ago when the West Virginia Division of Financial Institutions closed the First State Bank of Barboursville and sold its assets to MVB.
“We expect to finalize the transaction in mid-July at which time our Cabell County locations will operate out of the downtown Huntington office at 999 4th Ave., the downtown drive-up location at 940 5th Ave., the Barboursville drive-up location at 6441 Farmdale Road and the Barboursville office located at 660 Central Ave.,” Sheils said.
The transaction means the Summit branch planned for 5th Avenue near the Marshall University football stadium has been delayed, Sheils said.
“We will continue with the cleaning up of the site and the demolition of the buildings, but our current plan is to delay construction for the immediate future as we introduce Summit Community Bank through our other offices. This will give us four locations in Cabell County, and we are most enthused to be opening up in these offices,” Sheils said.
Sheils added that the announcement comes on the heels of Summit Community Bank being named a Top 50 Best Performing Bank in the nation with assets between $3 billion and $10 billion by S&P Global Market and the recent announcement by Summit Financial Group reporting record quarterly net income and earnings per share for the first quarter 2021.
As part of the transaction, Summit will assume certain deposits and loans, the balances of which are currently approximately $193 million and $57 million, respectively, bank officials said.
“As trusted partners, MVB Bank and Summit Community Bank are aligned in our core values and share a successful history, including a prior branch transaction in which Summit purchased MVB’s Eastern Panhandle West Virginia banking centers in 2020,” Larry Mazza, president and CEO of MVB Financial, said in the announcement. “The sale of our South Market banking centers allows MVB to focus our growth on our core commercial markets in North Central West Virginia and Northern Virginia, as well as our expanding Fintech vertical. This transaction is the latest in a series of opportunistic activities undertaken by MVB that have resulted in industry-leading value creation for MVB shareholders.”
Charles Maddy III, Summit’s president and CEO, said, “Summit’s purchase of these branches represents an outstanding opportunity to expand our presence in and commitment to the Charleston-Huntington, West Virginia, market as well as adds the convenience of more banking locations for our clients.
“MVB Bank has an outstanding reputation of providing their clients with superior customer service, and we are dedicated to upholding this tradition by providing ‘Service Beyond Expectations’ and making this transition a smooth experience.”