Business Context and Reporting Period
This Form 8-K Current Report was filed by MVB Financial Corp. on August 1, 2005. The filing announces a material definitive agreement entered into by its subsidiary, MVB Bank, Inc., to acquire a branch office from Susquehanna Bank.
Key Financial Metrics
The filing details specific transaction values rather than full-period financial statements:
- Purchase Price: $2,655,000
- Assumed Deposits: $16,783,000 (as of May 31, 2005)
- Assets Acquired: Cash on hand, furniture, fixtures, equipment, and real estate at the Charles Town, West Virginia branch.
The filing text does not provide clear values for revenue, profit, cash flow, margins, total debt, or liquidity metrics for the reporting period.
Material Changes
The primary material change is the expansion of MVB Bank's footprint through the acquisition of the Susquehanna Bank branch located at 88 Somerset Boulevard, Charles Town, West Virginia. The transaction is scheduled to become effective on October 7, 2005.
Outlook, Risks, and Management Commentary
Management has executed a Purchase and Assumption Agreement to integrate the branch operations. The filing does not contain specific forward-looking guidance, risk factors, or contingencies beyond the standard execution of the acquisition agreement.
Investor Verification Checklist
- Confirm the effective date of the transaction (October 7, 2005).
- Verify the final purchase price of $2,655,000 and the assumption of $16,783,000 in deposits.
- Review the full Purchase and Assumption Agreement (Exhibit 2) for specific liability assumptions.
- Assess the strategic fit of the Charles Town, West Virginia location within MVB's existing market.