MVB Financial Corp. Announces Strategic Minority Investment in Warp Speed Holdings LLC
FAIRMONT, W.Va., March 14, 2022–(Company WIRE)–MVB Economic Corp. (Nasdaq: MVBF) (“MVB” or the “Business”), the mum or dad holding enterprise for MVB Lender (the “Lender”), right now introduced the execution of a definitive agreement pursuant to which the Lender will obtain a 38% fascination in Warp Velocity Holdings LLC (“Warp”) for $48 million (the “Thing to consider”). The Thought will be comprised of $38.4 million income and $9.6 million in MVB popular stock, with the number of shares issued currently being based mostly on the volume weighted normal closing selling price for shares of MVB widespread inventory for the 20 trading times ending the day prior to the closing day.
Warp is the holding corporation for the Warp Relatives of Providers, which includes CalCon Mutual Home loan, dba OneTrust Home Financial loans, One particular Belief Worldwide, and Warp Speed House loan (collectively “OneTrust”), as properly as investments in Simply click2Bind Insurance coverage, Empower Title LLC and Grind Analytics LLC. With each other, Warp signifies a horizontally integrated financial products and services system targeted on household and commercial loan origination and servicing, title insurance plan expert services, small business and personal insurance plan brokerage and knowledge analytics to enhance organization conclusions in true time. As a result of remarkable shopper service and execution pushed by foremost technological know-how, OneTrust has produced a premier independent loan origination system. The Warp companies originated over $4 billion of financial loan volume above 2020 and 2021.
OneTrust’s focus on standard retail and industrial lending, alongside with its a lot more a short while ago developed direct to customer channel, will complement MVB’s present business banking franchise. The business system of multi-loved ones, health care, real estate and SBA lending supplies an added asset technology vehicle for MVB.
“This expenditure is a ongoing extension of our partnership model with leading financial provider suppliers that target on making use of technology to produce a remarkable purchaser expertise and beautiful monetary benefits. We are impressed with what founders Josh Erskine and Shane Erskine and their group have crafted to date and believe Warp is just starting to scratch the surface area of its potential,” stated Larry F. Mazza, Chief Executive Officer, MVB Fiscal and MVB Lender.
Josh Erskine, Chairman and Main Govt Officer of Warp, reported, “MVB has founded by itself as a foremost engineering-forward lender serving middle sector retail and professional consumers. We are very fired up about the important advancement potential obtaining MVB as a partner. The synergies and joint price developed by this partnership are considerable and will speed up the revenue focused progress route that Warp is presently on.”
MVB’s expenditure in Warp is expected to meaningfully boost charge income though driving powerful business and residential loan development. MVB expects the transaction to provide double digit earnings accretion, not such as envisioned synergies with MVB’s current industrial banking corporations. The financial commitment, which is predicted to near in mid-2022, is subject to receipt of expected regulatory approvals and other customary closing problems.
Raymond James & Associate, Inc. is serving as MVB’s economic advisor, and Squire Patton Boggs is serving as authorized counsel to MVB.
About MVB Money Corp.
MVB Fiscal Corp. (“MVB Monetary” or “MVB”), the innovative monetary keeping corporation of MVB Bank, is publicly traded on The Nasdaq Funds Market® underneath the ticker “MVBF.” By means of its subsidiary, MVB Lender, Inc., (“MVB Lender”) and the bank’s subsidiaries, MVB supplies solutions to men and women and company clientele in the Mid-Atlantic region, as properly as to Fintech, Payment and Gaming clients throughout the United States. For a lot more data about MVB, please visit ir.mvbbanking.com.
Forward-seeking Statements
MVB Financial Corp. has produced ahead-hunting statements, in the that means 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 Push Launch. These ahead-hunting statements are based on existing expectations about the long term and issue to challenges and uncertainties. Forward-wanting statements consist of, devoid of limitation, information and facts concerning attainable or assumed future benefits of functions of the Enterprise and its subsidiaries, as perfectly as statements concerning MVB’s foreseeable future options with regard to its Fintech line of business. When terms such as “options,” “thinks,” “expects,” “anticipates,” “continues,” “may well” or very similar expressions come about in this Press Release, the Business is earning ahead-hunting statements. Be aware that quite a few components could impact the upcoming monetary effects of the Enterprise and its subsidiaries, both individually and collectively, and could bring about these benefits to differ materially from people expressed in the forward-hunting statements contained in this Press Launch. These elements include but are not confined to: credit history threat changes in marketplace desire rates revaluation of equity investments, such as MVB’s investments in Fintech firms incapacity to even further scale up the Fintech line of enterprise level of competition financial downturn or economic downturn and government regulation and supervision. More things that may possibly trigger our actual outcomes to differ materially from all those explained in our forward-searching statements can be found in the Company’s Annual Report on Form 10-K for the yr finished December 31, 2021, as well as its other filings with the SEC, which are readily available on the SEC website at www.sec.gov. Besides as needed by legislation, the Enterprise undertakes no obligation to update or revise any forward-hunting statements.
See resource model on businesswire.com: ht
tps://www.businesswire.com/news/dwelling/20220314005316/en/
Contacts
Media Call
Amy Baker
VP, Corporate Communications and Marketing and advertising
[email protected]
(844) 682-2265
Trader Relations
Marcie Lipscomb
[email protected]
(844) 682-2265