MVB Financial Corp is purchasing another bank out of Maryland.
The company announced Wednesday it has reached an asset purchase agreement with CFG Community Bank with offices in Lutherville (Towson), Fells Point (Inner Harbor area of Baltimore) and Annapolis.
MVB Financial and its subsidiary, MVB Bank, will be making the purchase for around $30 million in cash and MVB Financial common shares.
In a release, MVB Financial Corp CEO Larry Mazza said this purchase is the next step in expanding the banks regional market presence.
“The addition of CFG Community Bank will leverage our existing MVB footprint in the Washington, DC/Baltimore metropolitan region, which is already well-established through our branch locations in West Virginia’s eastern panhandle, as well as the headquarters and office locations of our wholly-owned subsidiary, MVB Mortgage, in the Northern Virginia area of the region,” stated Mazza in the release.
The completion of the transaction is pending regulatory approvals and other customary closing conditions.
When the transaction is completed, CFG Community Bank will assume the MVB brand name in its current markets.