The Times West Virginian

Local News

December 5, 2012

Officials: MVB’s purchase of PMG exciting move

FAIRMONT — MVB Financial Corp.’s purchase of Potomac Mortgage Group LLC is an exciting move, company representatives said.

MVB Financial Corp., which is the parent company of MVB Bank Inc., and Potomac Mortgage Group, or PMG, signed a purchase and sales agreement on Monday. MVB is paying $19 million in stock and cash for this transaction, which is subject to regulatory approval. The deal is expected to close by the end of the year.

“We’re happy to have this situation,” said Larry Mazza, CEO of MVB Financial Corp. and president and CEO of MVB Bank.

MVB Bank was founded in 1999 and established its first location in downtown Fairmont. The company also has branches in White Hall, Bridgeport, Morgantown, Charles Town and Martinsburg.

Mazza said this purchase is a big, important move for the company.

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