Business
MVB Completes Sale of Chartwell to Ankura
FAIRMONT, W.Va.--(BUSINESS WIRE)-- MVB Bank, Inc. (“MVB Bank”), a wholly-owned subsidiary of MVB Financial Corp. (“MVB Financial,” “MVB”) (NASDAQ: MVBF),
About this update from Mvb Financial Corp.
[{"type":"text","content":" FAIRMONT, W.Va.--(BUSINESS WIRE)--\nMVB Bank, Inc. (“MVB Bank”), a wholly-owned subsidiary of MVB Financial Corp. (“MVB Financial,” “MVB”) (NASDAQ: MVBF), today announced that Ankura Consulting Group, LLC (“Ankura”), a leading global expert services and advisory firm, has acquired Chartwell Compliance (“Chartwell”), a leading global regulatory compliance and risk management firm and wholly-owned subsidiary of MVB Bank.\n\nThe sale of Chartwell is a great example of MVB’s focus on generating shareholder value while positioning Chartwell for continued growth and success with its integration into and expansion of Ankura’s Global Anti-Financial Crime (“AFC”) Practice across a wide range of banking and Fintech businesses, addressing a crucial need for Bank Secrecy Act/Anti-Money Laundering (“BSA/AML”) regulatory and compliance programs among mid-market banks, cryptocurrency and blockchain platforms, venture capital firms and payment solution providers.\n\nFounded in 2011 in Bethesda, Md., and now headquartered in Fairmont, W.Va., Chartwell provides integrated regulatory compliance, state licensing, financial crimes prevention and enterprise risk management services that include consulting, outsourcing, testing and training solutions. As one of the world’s leading specialist firms in state and federal compliance and market entry facilitation for firms entering into or expanding in North America, Chartwell serves many of the most high-profile providers in the Fintech industry, including commercial bill pay solution providers, cryptocurrency and blockchain innovators, publicly-traded online marketplaces, venture capital firms, Fintech banks, third-party payments processors and financial accounting software providers. Since joining MVB Bank in 2019, Chartwell has deepened its advisory expertise and capabilities, more than tripled its revenue and headcount, and positioned itself for continued strong growth.\n\n“Having Chartwell as a part of the MVB family over the past three years has been an extremely beneficial relationship that allowed MVB to grow and scale our Fintech business while we also strengthened our internal risk and compliance resources. MVB remains committed to compliance and regulatory excellence. Chartwell is an industry leader and has expanded in new and creative ways, and we believe Chartwell will continue to thrive as ...