FAIRMONT, W.Va.–(BUSINESS WIRE)–ICBA has ranked MVB Bank, Inc. as the number 15 Best Performing Bank of 2020 in the over $1 billion category, as announced this month by Independent Banker in its annual listing.
MVB Bank and the bank’s subsidiaries, MVB Technology, MVB Community Development Corporation, Chartwell Compliance and Paladin Fraud, provide financial services to individuals and corporate clients in the Mid-Atlantic region and beyond. MVB Financial Corp. (“MVB Financial”), the holding company of MVB Bank, is publicly traded on The Nasdaq Capital Market under the ticker “MVBF.” For more information about MVB, please visit www.mvbbanking.com.
According to Independent Banker: “In 2020, community banks contended with a fast and furious Paycheck Protection Program lending boom and a glut of deposits as customers put their stimulus payments away for a rainy day. They dealt with lockdown orders, changes in consumers’ banking habits and rapid-fire adoption of technology to meet those needs. Yet community banks rose to the occasion. Independent Banker’s annual listing of America’s best-performing community banks shows that nimble thinking and an adherence to good old-fashioned customer service can bring success, whatever the circumstances.”
For the year ended December 31, 2020, MVB reported net income of $37.4 million, or $3.13 basic and $3.06 diluted earnings per share. MVB reported net income of $11.8 million, or $1.00 basic and $0.97 diluted earnings per share, for the three months ended December 31, 2020. Independent Banker listed MVB Bank’s three-year average pre-tax return-on-assets (ROA) as $2.48 billion.
“In 2020, MVB leaned into the challenge of the pandemic to make the year the most successful of our history with record earnings. In unprecedented times, MVB thrived,” said Larry F. Mazza, President, CEO, MVB Financial.
“We completed multiple strategic transactions, created growth in tangible book value and shareholder value and onboarded a number of new highly talented and experienced Team Members. I could not be more grateful to Team MVB for what we accomplished in 2020.”
To view the complete list of rankings, visit https://independentbanker.org/2021/05/icbas-best-performing-community-banks-of-2020/ or https://independentbanker.advanced-pub.com/?issueID=50&pageID=40.
According to its website, ICBA compiled the rankings with the aim of recognizing community banks that are consistent high performers. Using FDIC data, they took into account pre-tax ROA figures from the past three years, with the most recent year weighted at three times, second most recent year at two times and third most recent year at one time. They divided the community banks into three segments based on asset size and ranked each segment on its three-year weighted average ROA. A bank must have a rating of C or higher by Kroll Bond Ratings to be considered.
About MVB Financial Corp.
MVB Financial Corp. (“MVB Financial” or “MVB”), the holding company of MVB Bank, is publicly traded on The Nasdaq Capital Market® under the ticker “MVBF.”
MVB is a financial holding company headquartered in Fairmont, W.Va. Through its subsidiary, MVB Bank, Inc., and the bank’s subsidiaries, MVB Technology, the MVB Community Development Corporation, Chartwell Compliance and Paladin Fraud, the company provides financial services to individuals and corporate clients in the Mid-Atlantic region and beyond.
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For more information about MVB, please visit ir.mvbbanking.com.
