Business Context and Reporting Period
This Form 8-K Current Report was filed by MVB Financial Corp. on December 28, 2016. The report discloses a corporate governance event regarding the departure of a director, effective December 31, 2016.
Financial Metrics
The filing text does not provide a clear value for revenue, profit, cash flow, margins, debt, or liquidity. This report focuses exclusively on personnel changes and does not contain financial performance data.
Material Changes
The material change reported is the resignation of Jimmy D. Staton from the following positions, effective December 31, 2016:
- Member of the Board of Directors of MVB Financial Corp.
- Member of the Board of Directors of MVB Bank, Inc.
- Member of the Board of Directors of Potomac Mortgage Group, Inc. (MVB Mortgage).
- Chairperson of the Human Resources & Compensation Committee of the Company.
- Member of the Audit, Executive, and Finance Committees of the Company.
- Member of the Executive Committee of the Bank.
Management Commentary and Risks
Management stated that Mr. Staton's resignation is not due to any disagreement or dispute with the Company, the Bank, or the Mortgage subsidiary. The departure is attributed solely to scheduling conflicts between Mr. Staton's business ventures and the meeting schedules of the Company and its subsidiaries. The respective Boards have accepted the resignations.
Key Facts for Investor Verification
- Jimmy D. Staton is resigning from all board and committee positions within the MVB Financial Corp. family of companies.
- The resignation is effective December 31, 2016.
- The reason cited is scheduling conflicts, not internal disputes.
- The filing does not disclose a replacement director or the timeline for appointing one.