News
MVB Financial Corp. declares dividends for the second quarter of 2024
FAIRMONT, W.Va., May 22, 2024–(BUSINESS WIRE)–MVB Financial Corp. (NASDAQ: MVBF) (“MVB Financial”, “MVB” or the “Company”) declared a quarterly cash dividend of $0.17 per share, maintaining the dividend declared in the prior quarter to shareholders of record on June 1 2024, payable June 15, 2024. This is the second quarterly dividend of 2024.
“Amidst volatile market conditions in the first quarter of 2024, MVB made progress on several key initiatives. Most notably, we further solidified key safety and soundness measures. Our balance sheet liquidity position and the quality of our mix financing ratios improved; asset quality indicators remained stable; commercial property concentrations remained within regulatory guidelines and capital strength measures were maintained. regulatory developments following industry developments in early 2023. Higher costs, along with other cyclical and seasonal challenges, weighed on our earnings in the first quarter,” said Larry F. Mazza, CEO of MVB.
“At the same time, initiatives to drive revenue growth are bearing fruit. In these difficult times for the banking sector, I am pleased to continue to add value for our shareholders and encouraged by the adaptability of the MVB Team and the resilience of our business model.”
About MVB Financial Corp.
MVB Financial Corp., the holding company for MVB Bank, Inc., is publicly traded on the Nasdaq Capital Market® under the ticker symbol “MVBF.” Nasdaq is a leading global provider of trading, clearing, exchange technology, listing, information and public company services. Through its subsidiary, MVB Bank, Inc., and the Bank’s subsidiaries, the Company provides banking services to Fintech clients throughout the United States. For more information about MVB, visit http://ir.mvbbanking.com.
Forward-looking statements
MVB Financial has made forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, in this press release that are intended to be covered by the protections provided by the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on current expectations about the future and are subject to risks and uncertainties. Forward-looking statements include, without limitation, information regarding possible or assumed future results of the operations of the Company and its subsidiaries. Forward-looking statements can be identified by the use of words such as “may”, “could”, “should”, “would”, “will”, “plans”, “believes”, “estimates”, “expects”, “anticipates”, “intends”, “continues” or the negative of these terms or similar expressions. Please note that many factors could affect the future financial results of the Company and its subsidiaries, both individually and collectively, and could cause such results to differ materially from those expressed in the forward-looking statements. Therefore, undue reliance should not be placed on any forward-looking statements. These factors include, but are not limited to: market, economic, operational, liquidity and credit risk; changes in market interest rates; impacts related to or resulting from recent bank failures and volatility; inability to achieve anticipated synergies and successfully integrate recent mergers and acquisitions; inability to successfully execute business plans, including strategies related to investments in Fintech companies; competition; the pace of recovery following the ongoing effects of the COVID-19 pandemic and its impact on the Company’s business and financial condition; changes in economic, business and political conditions; changes in the demand for credit products and the flow of deposits; operational risks and failures in risk management; and government regulation and oversight. Additional factors that could cause actual results to differ materially from those described in the forward-looking statements can be found in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, as well as in its other filings with Mobile values. and Exchange Commission (“SEC”), which are available on the SEC website at www.sec.gov. Except as required by law, the Company disclaims any obligation to update, revise or correct any forward-looking statements.
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Contacts
MEDIA CONTACT
Amy Baker
Vice President of Corporate Communications and Marketing
MVB Bank
abaker@mvbbanking.com
(844) 682-2265
RELATIONSHIP WITH INVESTORS
Marcie Lipscomb
mllipscomb@mvbbanking.com
(844) 682-2265