MVB Financial Corp. (NASDAQ: MVBF) (“MVB Financial” or “MVB”) and its wholly-owned subsidiary MVB Bank, Inc. (“MVB Bank”) announced that MVB Bank has purchased the deposits and certain assets of The First State Bank (“First State”) through an agreement with the Federal Deposit Insurance Corporation (FDIC). The West Virginia Department of Financial Institutions declared First State insolvent today and appointed the FDIC as receiver. The purchase by MVB Bank is effective immediately. As of December 31, 2019, First State had approximately $139.5 million in total deposits.
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