MVB Financial Corp. Announces Strategic Minority Investment in Warp Speed Holdings LLC

FAIRMONT, W.Va.–(Business WIRE)–MVB Monetary Corp. (Nasdaq: MVBF) (“MVB” or the “Company”), the mum or dad holding business for MVB Financial institution (the “Bank”), now introduced the execution of a definitive arrangement pursuant to which the Lender will purchase a 38% fascination in Warp Speed Holdings LLC (“Warp”) for $48 million (the “Consideration”). The Consideration will be comprised of $38.4 million funds and $9.6 million in MVB prevalent inventory, with the number of shares issued being centered on the volume weighted ordinary closing cost for shares of MVB frequent stock for the 20 buying and selling days ending the day prior to the closing day.

Warp is the holding corporation for the Warp Relatives of Providers, which contains CalCon Mutual Home finance loan, dba OneTrust Dwelling Loans, One Have confidence in Global, and Warp Velocity Mortgage loan (collectively “OneTrust”), as well as investments in Click2Bind Insurance policies, Empower Title LLC and Grind Analytics LLC. Together, Warp represents a horizontally integrated financial solutions system targeted on residential and professional mortgage origination and servicing, title coverage solutions, small business and private coverage brokerage and data analytics to optimize organization decisions in true time. Via outstanding client company and execution driven by leading engineering, OneTrust has created a premier independent mortgage origination system. The Warp businesses originated over $4 billion of personal loan volume around 2020 and 2021.

OneTrust’s focus on traditional retail and commercial lending, along with its far more a short while ago formulated immediate to purchaser channel, will complement MVB’s present commercial banking franchise. The professional system of multi-spouse and children, healthcare, actual estate and SBA lending delivers an further asset technology car or truck for MVB.

“This expense is a ongoing extension of our partnership model with foremost economic support providers that concentrate on using technologies to provide a top-quality customer working experience and eye-catching financial outcomes. We are amazed with what founders Josh Erskine and Shane Erskine and their crew have created to day and believe that Warp is just beginning to scratch the surface area of its potential,” mentioned Larry F. Mazza, Main Executive Officer, MVB Economic and MVB Lender.

Josh Erskine, Chairman and Chief Executive Officer of Warp, stated, “MVB has founded by itself as a major technology-ahead lender serving middle marketplace retail and professional buyers. We are incredibly energized about the major development probable possessing MVB as a partner. The synergies and joint worth created by this partnership are considerable and will speed up the profit focused progress route that Warp is already on.”

MVB’s expense in Warp is expected to meaningfully maximize fee cash flow when driving potent industrial and household mortgage expansion. MVB expects the transaction to give double digit earnings accretion, not together with envisioned synergies with MVB’s present business banking organizations. The expense, which is predicted to near in mid-2022, is subject matter to receipt of necessary regulatory approvals and other customary closing circumstances.

Raymond James & Associate, Inc. is serving as MVB’s economical advisor, and Squire Patton Boggs is serving as legal counsel to MVB.

About MVB Economical Corp.

MVB Monetary Corp. (“MVB Financial” or “MVB”), the innovative fiscal holding company of MVB Lender, is publicly traded on The Nasdaq Cash Market® beneath the ticker “MVBF.” As a result of its subsidiary, MVB Lender, Inc., (“MVB Bank”) and the bank’s subsidiaries, MVB delivers products and services to men and women and corporate shoppers in the Mid-Atlantic area, as properly as to Fintech, Payment and Gaming shoppers in the course of the United States. For far more information and facts about MVB, you should go to ir.mvbbanking.com.

Forward-wanting Statements

MVB Economic Corp. has built ahead-hunting statements, within just the which means of Part 27A of the Securities Act of 1933, as amended, and Segment 21E of the Securities Trade Act of 1934, as amended, in this Press Launch. These ahead-on the lookout statements are primarily based on latest anticipations about the long run and subject matter to hazards and uncertainties. Ahead-looking statements incorporate, without limitation, information and facts regarding achievable or assumed future effects of operations of the Company and its subsidiaries, as nicely as statements concerning MVB’s foreseeable future ideas with regard to its Fintech line of enterprise. When terms these types of as “plans,” “believes,” “expects,” “anticipates,” “continues,” “may” or comparable expressions arise in this Push Release, the Company is creating forward-wanting statements. Observe that several variables could influence the long term financial effects of the Corporation and its subsidiaries, both individually and collectively, and could bring about those final results to differ materially from all those expressed in the forward-on the lookout statements contained in this Push Release. Those elements incorporate but are not constrained to: credit rating risk changes in sector curiosity premiums revaluation of equity investments, which include MVB’s investments in Fintech corporations incapacity to additional scale up the Fintech line of organization competitiveness financial downturn or recession and government regulation and supervision. Supplemental variables that may perhaps cause our real benefits to vary materially from those described in our ahead-seeking statements can be uncovered in the Company’s Once-a-year Report on Variety 10-K for the year ended December 31, 2021, as effectively as its other filings with the SEC, which are offered on the SEC internet site at www.sec.gov. Other than as expected by regulation, the Firm undertakes no obligation to update or revise any ahead-searching statements.