MVB Financial Corp. 8-K Summary
Business Context and Reporting Period
This Current Report on Form 8-K was filed by MVB Financial Corp. on September 19, 2016, reporting events occurring as of September 16, 2016. The filing addresses the departure of a senior executive officer.
Key Financial Metrics
The filing does not provide revenue, profit, cash flow, margin, debt, or liquidity metrics. The only financial figure disclosed relates to a severance payment of $67,788.45 to the departing officer.
Material Changes
The primary material change is the departure of Bret S. Price, who served as Senior Vice President and Chief Financial Officer through December 31, 2015, and held other senior financial roles thereafter. Mr. Price left the company to join Urgent Care MSO, LLC dba MedExpress as Senior Vice President of Finance.
Management Commentary and Unusual Items
In connection with Mr. Price's departure, the Company executed a severance agreement. Under this agreement, Mr. Price is entitled to receive the remainder of his 2016 annual base salary. His annual base salary was $235,000, resulting in a total severance benefit of $67,788.45.
Investor Verification Checklist
- Confirm the appointment of a new Chief Financial Officer or interim financial leadership.
- Verify the impact of the severance payment on the Company's current quarter expenses.
- Review subsequent filings for any changes in financial reporting or internal controls resulting from the executive departure.