Summit Community Bank Inc. Completes Its Acquisition of Four Southern WV Branch Banking Centers

Rhea-AI Summary

Summit Financial Group, Inc. (NASDAQ: SMMF) announced the acquisition of four full-service branch banking offices and two drive-up locations from MVB Bank, a subsidiary of MVB Financial Corp. This acquisition encompasses nearly all community banking operations of MVB Bank in Southern West Virginia. The new locations, located in Charleston, Hurricane, Barboursville, and Huntington, are expected to strengthen Summit's presence in the region. Summit currently operates 46 banking locations across West Virginia and Virginia.

Positive

• Acquisition expands Summit's footprint in Southern West Virginia.
• Addition of four full-service branches enhances customer base.
• Strengthening community presence may lead to increased market share.

Negative

• None.

MOOREFIELD, W.Va., July 12, 2021 (GLOBE NEWSWIRE) -- Summit Financial Group, Inc. (“Summit”) (NASDAQ: SMMF) today reported that its wholly-owned subsidiary, Summit Community Bank, Inc., has completed its previously announced acquisition of four full-service branch banking offices and two drive-up banking locations of MVB Bank, Inc., a wholly-owned subsidiary of MVB Financial Corp. (NASDAQ: MVBF), consisting of substantially all of MVB Bank Inc.’s Southern West Virginia community banking operations. The four full-service banking centers are located at 400 Washington Street East, Charleston; 3754 Teays Valley Road, Hurricane; 660 Central Avenue, Barboursville; and 999 4th Avenue, Huntington, and its drive-up banking locations at 6399 Route 60, Barboursville, and 940 5th Avenue, Huntington.

“We are excited to welcome the clients and employees of the four former MVB Bank branches to the Summit Community Bank team,” said Summit’s President and Chief Executive Officer, H. Charles Maddy, III. “We are very excited by the prospects for this expansion of our presence in and commitment to the Southern West Virginia region,” Maddy concluded.

About Summit Financial Group, Inc.

Summit Financial Group, Inc. is a $3.3 billion financial holding company headquartered in Moorefield, West Virginia. Summit provides community banking services primarily in the Eastern Panhandle, Southern and North Central regions of West Virginia and the Northern, Shenandoah Valley and Southwestern regions of Virginia, through its bank subsidiary, Summit Community Bank, Inc., which operates forty-six banking locations.

Contact:	Robert S. Tissue, Executive Vice President & CFO
Email:	(304) 530-0552
Telephone:	rtissue@summitfgi.com

FAQ

What is the significance of Summit Financial's acquisition of MVB Bank locations?

The acquisition significantly expands Summit Financial's presence in Southern West Virginia, enhancing its customer base and market share.

When was the acquisition of MVB Bank completed?

The acquisition was completed on July 12, 2021.

What are the locations involved in the Summit Financial and MVB Bank acquisition?

The acquisition includes branches in Charleston, Hurricane, Barboursville, and Huntington, along with two drive-up locations.

How many banking locations does Summit Community Bank operate after the acquisition?

After the acquisition, Summit Community Bank operates a total of 46 banking locations.

What is the expected impact of this acquisition on Summit Financial's operations?

The acquisition is expected to enhance Summit's community banking services and increase its market presence and customer base in Southern West Virginia.