Welcome to our dedicated page for MVB Financial news (Ticker: MVBF), a resource for investors and traders seeking the latest updates and insights on MVB Financial stock.
MVB Financial Corp. (MVBF) is a prominent bank holding company headquartered in Fairmont, West Virginia. Specializing in community banking services, MVB caters to individuals and corporate clients across Berkeley, Harrison, Jefferson, and Marion counties. The company operates several branches within these regions, offering a wide range of financial products and services.
MVB Financial Corp. engages in three primary business segments: CoRe banking, mortgage banking, and the financial holding company. The CoRe banking segment, which is the company's main revenue driver, includes commercial and residential real estate mortgage loans, installment and commercial loans, and various deposit products such as checking and savings accounts, negotiable order of withdrawal (NOW) accounts, and certificates of deposit.
The mortgage banking segment provides innovative mortgage products designed to help clients pay off their homes sooner and at lower rates. Additionally, MVB Financial Corp. offers wealth management and insurance services, making it a comprehensive provider of personal and corporate financial solutions in the Mid-Atlantic region.
Recent achievements include significant growth in assets and expanding their service offerings to meet modern banking needs. Current projects focus on enhancing digital banking capabilities and offering high-interest checking accounts that are both free and convenient for users.
With a commitment to community-focused banking, MVB Financial Corp. ensures its customers have access to smart, convenient financial products. For more details, clients can visit their website at mostvaluablebank.com.
MVB Financial Corp. ranks 29th on Fortune’s 2021 100 Fastest-Growing Companies list. This recognition highlights MVB's strong revenue, profit, and stock return performance over the three years ending April 30, 2021. Since joining The Nasdaq Capital Market® in December 2017, MVB has focused on technology in banking, enhancing its position in the online gaming industry and partnering with NYDIG for Bitcoin offerings. Companies must meet specific financial criteria to qualify for this prestigious list, emphasizing their commitment to growth and shareholder value.
MVB Financial Corp. (NASDAQ: MVBF) reported a net income of $11.8 million for Q3 2021, translating to $1.00 basic and $0.92 diluted earnings per share. The company saw a 7% increase in noninterest-bearing deposits, totaling $999.3 million. Fintech deposits reached $975.7 million, growing 27% quarter-over-quarter. Notably, MVB expanded its technological focus, entering a partnership with NYDIG for Bitcoin-related products and increasing its investment in Interchecks Technologies.
The tangible book value per share rose to $21.64, with a 17% dividend increase to $0.14 per share.
MVB Financial has announced a partnership with NYDIG to integrate Bitcoin into its Banking-as-a-Service (BaaS) offerings, allowing fintech clients to deliver Bitcoin products alongside traditional banking services. Currently serving over 50 fintech, payments, and gaming clients, MVB aims to leverage NYDIG's secure platform for enhanced accessibility to Bitcoin. The Victor platform will facilitate the integration, accelerating the process for fintechs to offer trading and rewards in Bitcoin. This collaboration is anticipated to position MVB's clients at the forefront of the evolving financial landscape.
MVB Financial Corp. has expanded its investment in Interchecks Technologies, Inc. from an initial stake to 16%. This company specializes in payment disbursement solutions and has seen notable success in the gaming sector. Since 2016, MVB's Fintech investment portfolio has achieved a cumulative IRR of nearly 200%. A management contract has also been established with Interchecks to advance the rollout of the GRAND digital account, aimed at enhancing payment solutions in the gaming and crypto sectors. This strategic move aligns with MVB's focus on the growing online gaming industry.
MVB Financial Corp. (NASDAQ: MVBF) has declared a quarterly cash dividend of $0.14 per share for shareholders of record as of September 1, 2021, payable on September 15, 2021. This represents a 16.67% increase from the previous quarter's dividend of $0.12. CEO Larry F. Mazza emphasized the company's strong capital base as a key factor in this decision, distinguishing MVB's growing cash dividend from many fintech peers. This marks the third quarterly dividend payment for 2021.
MVB Financial Corp. (NASDAQ: MVBF) reported a net income of $9.2 million for Q2 2021, translating to $0.79 per basic share. The company's noninterest-bearing deposits surged to $932.7 million, marking a 76% increase YoY. Net interest income reached $19.1 million, a 9% rise quarter-over-quarter. The tangible book value per share also rose to $20.54. Notably, MVB completed the acquisition of Trabian Technology, enhancing its Fintech initiatives. However, the net interest margin declined to 3.24% due to excess liquidity and PPP loans.
MVB Financial Corp. (NASDAQ: MVBF) announced the sale of four banking centers in Southern West Virginia to Summit Community Bank, a subsidiary of Summit Financial Group, Inc. The deal includes $167 million in deposits and $55 million in loans, resulting in a pre-tax gain of approximately $10 million. This sale will increase MVB's tangible book value per share by 3.2% as of March 31, 2021. The transaction allows MVB to focus on its core markets and expanding Fintech business, marking its exit from Southern West Virginia.
MVB Bank has launched a wholly-owned subsidiary, MVB Edge Ventures, focused on technology investments. This new venture oversees three companies: Victor Technologies, MVB Technology, and Flexia Payments, which aim to innovate within the Fintech sector. Notably, Victor provides developer-friendly APIs for quick money management solutions. Flexia is set to enhance cashless casino transactions, while GRAND offers streamlined payment options. MVB aims to leverage its expertise to enhance its position in Gaming, Payments, and Banking-as-a-Service.
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.
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