MVB Financial Corp. Declares Second Quarter 2021 Dividend

Rhea-AI Summary

MVB Financial Corp. (NASDAQ: MVBF) has announced a quarterly cash dividend of $0.12 per share, payable on June 15, 2021, to shareholders of record as of June 1, 2021. This represents a 20% increase from the previous quarter's dividend of $0.10. The company's President, Larry F. Mazza, highlighted significant growth in loans and deposits, allowing for this increase in dividends, while also noting that investments in technology will enhance their Fintech operations and revenue streams.

Positive

• Quarterly dividend increased by 20%, reflecting strong financial performance.
• Growth in loans and deposits indicates a healthy business outlook.
• Significant investments in technology aim to expand revenue streams in Fintech.

Negative

• None.

MVB Financial Corp. (NASDAQ: MVBF) (“MVB Financial,” “MVB,” or the “Company”) has declared a quarterly cash dividend of $0.12 per share for shareholders of record as of June 1, 2021, payable on June 15, 2021.

This is the second quarterly dividend for 2021 and includes a 20% increase in dividends as compared to the previous quarter dividend of $0.10 per share.

“MVB’s first quarter growth in loans and deposits sets us apart from the pack. We are pleased to be in the position to increase our dividend and allow shareholders to share in our growth,” said Larry F. Mazza, President and CEO, MVB Financial.

“Significant investments in technology enhance our ability to scale our Gaming, Banking as a Service, Payments and Digital Asset sectors as part of our expanding Fintech business. These investments create new revenue streams for MVB and add technological expertise that will benefit MVB and all of our stakeholders.”

About MVB Financial Corp.

MVB Financial Corp., the holding company of MVB Bank, Inc., is publicly traded on The Nasdaq Capital Market® under the ticker “MVBF.” Nasdaq is a leading global provider of trading, clearing, exchange technology, listing, information and public company services. Through its subsidiary, MVB Bank, Inc., and the Bank's subsidiaries, the Company provides financial services to individuals and corporate clients in the Mid-Atlantic region and beyond. For more information about MVB, please visit http://ir.mvbbanking.com.

Forward-looking Statements

MVB Financial Corp. has made forward-looking statements, within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, in this press release that are intended to be covered by the protections provided under the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on current expectations about the future and subject to risks and uncertainties. Forward-looking statements include, without limitation, information concerning possible or assumed future results of operations of the Company and its subsidiaries. Forward-looking statements can be identified by the use of words such as “may,” “could,” “should,” “would,” “will,” “plans,” “believes,” “estimates,” “expects,” “anticipates,” “intends,” “continues,” or the negative of those terms or similar expressions. Note that many factors could affect the future financial results of the Company and its subsidiaries, both individually and collectively, and could cause those results to differ materially from those expressed in forward-looking statements. Therefore, undue reliance should not be placed upon any forward-looking statements. Those factors include but are not limited to: market, economic, operational, liquidity, and credit risk; changes in market interest rates; inability to achieve anticipated synergies and successfully integrate recent mergers and acquisitions; inability to successfully execute business plans, including strategies related to investments in financial technology companies; competition; length and severity of the COVID-19 pandemic and its impact on the Company’s business and financial condition; changes in economic, business, and political conditions; changes in demand for loan products and deposit flow; operational risks and risk management failures; and government regulation and supervision. Additional factors that may cause actual results to differ materially from those described in the forward-looking statements can be found in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020, as well as its other filings with the SEC, which are available on the SEC’s website at www.sec.gov. Except as required by law, the Company disclaims any obligation to update, revise, or correct any forward-looking statements.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210519005714/en/

FAQ

What is the dividend amount for MVB Financial (MVBF)?

MVB Financial has declared a quarterly cash dividend of $0.12 per share.

When is the dividend payment date for MVB Financial (MVBF)?

The dividend is payable on June 15, 2021.

What was the previous dividend amount for MVB Financial (MVBF)?

The previous quarterly dividend was $0.10 per share.

What factors contributed to the dividend increase for MVB Financial (MVBF)?

The increase is attributed to growth in loans and deposits and investments in technology.