Brief: MVB Financial Corp. Announces Strategic Minority Investment In Warp Speed Holdings LLC

MVB Financial

14/03/2022 12:35

March 14 (Reuters) - MVB Financial Corp  MVBF.O :
    * MVB FINANCIAL CORP. ANNOUNCES STRATEGIC MINORITY
INVESTMENT IN
WARP SPEED HOLDINGS LLC
    * MVB FINANCIAL - EXECUTION OF DEFINITIVE AGREEMENT PURSUANT
TO
WHICH MVB BANK WILL ACQUIRE 38% INTEREST IN WARP SPEED HOLDINGS
LLC FOR $48 MILLION
    * MVB FINANCIAL CORP - CONSIDERATION WILL BE COMPRISED OF
$38.4
MILLION CASH AND $9.6 MILLION IN MVB COMMON STOCK
    * MVB FINANCIAL - MVB'S INVESTMENT IN WARP IS ANTICIPATED TO
MEANINGFULLY INCREASE FEE INCOME WHILE DRIVING STRONG
COMMERCIAL, RESIDENTIAL LOAN GROWTH
    * MVB FINANCIAL - EXPECTS TRANSACTION TO PROVIDE DOUBLE
DIGIT
EARNINGS ACCRETION, NOT INCLUDING EXPECTED SYNERGIES

Source text for Eikon:  ID:nBw7LZ03ja 
Further company coverage:  MVBF.O 

 ((Reuters.Briefs@thomsonreuters.com;))