M&A Deal Summary

Summit Financial Acquires MVB Financial - Four WV Eastern Panhandle Banking Centers

On April 24, 2020, Summit Financial acquired financial services company MVB Financial - Four WV Eastern Panhandle Banking Centers from MVB Bank

Acquisition Highlights
  • This is Summit Financial’s 1st transaction in the Financial Services sector.
  • This is Summit Financial’s 1st transaction in the United States.
  • This is Summit Financial’s 1st transaction in West Virginia.

M&A Deal Summary
Date 2020-04-24
Target MVB Financial - Four WV Eastern Panhandle Banking Centers
Sector Financial Services
Buyer(s) Summit Financial
Sellers(s) MVB Bank
Deal Type Divestiture

Target

MVB Financial - Four WV Eastern Panhandle Banking Centers

Martinsburg, West Virginia, United States
MVB Financial Corp's Four WV Eastern Panhandle Banking Centers operates banking services with three of the offices are in Berkeley County (651 Foxcroft Ave., Martinsburg; 231 Aikens Center, Martinsburg; and 5091 Gerrardstown Road, Inwood) and one is in Jefferson County (88 Somerset Boulevard, Charles Town).

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Buyer(S) 1

Buyer

Summit Financial

Burlington, Massachusetts, United States
Category Company
Founded 1993
Sector Financial Services
DESCRIPTION

Summit Financial Corp. provides plan design, consulting, actuarial, administration and investment-related services for both qualified and non-qualified employer-sponsored retirement plans, as well as, similar services for employee benefit plans.

DEAL STATS #
Overall 1 of 2
Sector (Financial Services) 1 of 2
Type (Divestiture) 1 of 2
State (West Virginia) 1 of 2
Country (United States) 1 of 2
Year (2020) 1 of 1
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-04-23 MVB Bank’s Southern West Virginia Community Banking Operations

Charleston, West Virginia, United States

MVB Bank’s Southern West Virginia Community Banking Operations includes full service banking centers located at: 400 Washington Street East, Charleston; 3754 Teays Valley Road, Hurricane; 660 Central Avenue, Barboursville; and 999 4th Avenue, Huntington. In addition, Summit will acquire MVB Bank’s drive-up banking locations at 6441 Farmdale Road, Barboursville, and 940 5th Avenue, Huntington.

Buy -

Seller(S) 1

SELLER

MVB Bank

Fairmont, West Virginia, United States
Category Company
Founded 1997
Sector Financial Services
Employees445
Revenue 146M USD (2023)
DESCRIPTION

MVB Bank is a financial holding company, that provides banking services. MVB Bank was founded in 1997 and is based in Fairmont, West Virginia.

DEAL STATS #
Overall 2 of 4
Sector (Financial Services) 1 of 2
Type (Divestiture) 2 of 4
State (West Virginia) 2 of 3
Country (United States) 2 of 4
Year (2020) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-04-17 Paladin Group

Illinois, United States

Paladin Group offers an extensive and customizable suite of services for merchants, credit agencies, Fintechs, and vendors. The company strategizes for the long game, helping clients and partners defend against today’s threats and tomorrow’s. It places a special focus on education and training, arming these types of organizations with the insight they need to stay on top.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-04-19 Trabian

Fairmont, West Virginia, United States

Trabian software development firm serving financial institutions. Trabian builds digital products, web and mobile applications for forward-thinking community banks, credit unions, digital banks, and Fintechs. Trabian was founded in 2003 and is based in Fairmont, West Virginia.

Buy -
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