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MVB Financial Corp. Declares Third Quarter 2023 Dividend
FAIRMONT, W.Va.--(BUSINESS WIRE)-- MVB Financial Corp. (NASDAQ: MVBF) (“MVB Financial,” “MVB” or the “Company”) has declared a quarterly cash dividend of
About this update from Mvb Financial Corp.
[{"type":"text","content":" FAIRMONT, W.Va.--(BUSINESS WIRE)--\nMVB Financial Corp. (NASDAQ: MVBF) (“MVB Financial,” “MVB” or the “Company”) has declared a quarterly cash dividend of $0.17 per share, maintaining the dividend declared in the previous quarter for shareholders of record as of September 1, 2023, payable on September 15, 2023. This is the third quarterly dividend for 2023.\n\n\n“Following the market events of March 2023, we took quick and decisive action. Out of an abundance of caution, we maintained our already-strong balance sheet liquidity position, and in anticipation of new regulatory and compliance requirements for the industry, took additional steps to enhance our risk management and compliance infrastructure. These actions increased our funding costs and noninterest expenses during the second quarter, but helped to strengthen our foundation during a tumultuous period for the industry. With the sale of a portion of our subprime automobile loans, we further de-risked our loan portfolio. Additionally, we had no outstanding FHLB or other short-term borrowings, no held-to-maturity investment securities and a limited concentration of CRE loans and office exposure during the quarter. We produced strong earnings for the second quarter, despite unexpected challenges. Looking forward, I am confident in our team’s continuous adaptability, the stability of our asset quality and our strong liquidity, funding and capital position as we look to a pick-up in high-quality loan growth as we move ahead,” said Larry F. Mazza, Chief Executive Officer, MVB Financial.\n\n\n“We are pleased to create value for our shareholders through our continued growth in tangible book value per share. Looking ahead, MVB remains well-positioned to navigate challenging market conditions.”\n\n\nAbout MVB Financial Corp.\n\n\nMVB Financial Corp., the holding company of MVB Bank, Inc., is publicly traded on The Nasdaq Capital Market® under the ticker “MVBF.” Nasdaq is a leading global provider of trading, clearing, exchange technology, listing, information and public company services. Through its subsidiary, MVB Bank, Inc. (the “Bank”), and the Bank's subsidiaries, the Company provides banking services to financial technology (“Fintech”) clients throughout the United States. For more information about MVB, please visit http://ir.mvbbanking.com.\n\n\nForward-looking Statements\n...