The current market leaders could run into some challengers.
FAIRMONT, W.Va., Dec. 20, 2013 /PRNewswire/ -- MVB Financial Corp. today announced the election of Stephen R. Brooks as Chairman of the Board of Directors, succeeding long-time and founding Chairman James R. "Dick" Martin, and the election of David B. Alvarez, as Vice Chairman, succeeding Mr. Brooks in that capacity. Also, two other directors, Louis Spatafore and Berniece D. Collis, announced their retirements from the board. These non-executive appointments were effective on December 19, 2013, while the director retirements were effective on various dates from December 17, 2013 through January 1, 2014.
"On behalf of our entire Board and organization, I am grateful to our retiring board members Louis Spatafore and Berniece Collis for their many years of service. We owe a special thank you to Dick Martin for his service and leadership in establishing a solid foundation for MVB as its founder and first executive leader," said Larry F. Mazza, CEO, MVB Financial Corp. "Dick's stewardship has been integral to our growth during these past 15 years."
Mazza continued, "We are very fortunate to have the depth of leadership on MVB's Board to have both current directors Stephen Brooks and David Alvarez stepping up to lead our governing body. They have been active board leaders who are dedicated to our 'growth with quality' strategy and have earned the confidence of their peers and investors in MVB."
Mr. Brooks, who maintains a law practice as a member of Flaherty Sensabaugh Bonasso, PLLC, has served MVB as a director since 1998. Throughout his tenure he also served in many leadership positions, including a previous term as chairman and, as vice chairman since 2009.
"It is an honor to serve MVB in this leadership capacity and to have been associated with MVB since its inception," Mr. Brooks said. "I am pleased to be in a position to continue to provide stewardship to MVB as we continue our strategy of measured growth."
Mr. Alvarez was elected to the MVB Financial Corp. Board of Directors in May of this year after previously serving MVB Bank on its Central Board. He is President of MEC Construction, LLC and serves as a member of the West Virginia University Board of Governors.
About MVB Financial Corp.
MVB Financial Corp. ("MVB" or "MVB Financial"; OTCQB: MVBF) was formed on January 1, 2004 as a bank holding company and, effective December 19, 2012, elected to become a financial holding company. MVB Financial features multiple subsidiaries and affiliated businesses, including MVB Bank, Inc. ( "MVB Bank"), Potomac Mortgage Group, Inc. ("PMG" or "MVB Mortgage"), and MVB Insurance, LLC ("MVB Insurance"). The Company's principal executive offices are located at 301 Virginia Avenue, Fairmont, W.Va., 26554-2777, and its telephone number is (304) 363-4800. For additional information regarding MVBF visit ir.mvbbanking.com.
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All statements other than statements of historical fact included herein are, or may be deemed to be, forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21 E of the Securities Exchange Act of 1934. Such information involves risks and uncertainties that could result in the actual results of MVB Financial Corp. ("MVB Financial" or the "Company") differing from those projected in the forward-looking statements. Important factors that could cause actual results to differ materially from those discussed in such forward-looking statements include, but are not limited to: (i) the Company may incur loan losses due to negative credit quality trends in the future that may lead to deterioration of asset quality; (ii) the Company may incur increased charge-offs in the future; (iii) the Company could have adverse legal actions of a material nature; (iv) the Company may face competitive loss of customers; (v) the Company may be unable to manage its expense levels; (vi) the Company may have difficulty retaining key employees; (vii) changes in the interest rate environment may have results on the Company's operations materially different from those anticipated by the Company's market risk management functions; (viii) changes in general economic conditions and increased competition could adversely affect the Company's operating results; (ix) changes in other regulations and government policies affecting bank holding companies and their subsidiaries including changes in monetary policies may negatively impact the Company's operating results; (x) the effects of the Dodd-Frank Wall Street Reform and Consumer Protection Act may adversely affect the Company; (xi) the risk that the benefits from the acquisition of certain assets and assumption of certain liabilities of CFG Community Bank may not be fully realized or may take longer to realize than expected, including as a result of changes in general economic and market conditions, interest and exchange rates, monetary policy, laws and regulations and their enforcement and the degree of competition in the geographic and business areas in which MVB Bank, Inc. ("MVB Bank") and CFG Community Bank operate; (xii) the reaction of the MVB Bank and CFG Community Bank customers, employees and counterparties to the acquisition and integration; (xiii) the integration of the operations of MVB Bank and CFG Community Bank may be more difficult, costly or time-consuming than expected; (xiv) the risk that the new investments to support the growth of MVB Insurance, LLC ("MVB Insurance") may not be fully realized or may take longer than expected due to general economic and market conditions; (xv) diversion of management time on acquisition or diversified growth issues; and, (xvi) other factors which could cause actual results to differ materially from future results expressed or implied by such forward-looking statements.
SOURCE MVB Financial Corp.