MVB Financial Corp. Announces Completion of $40 Million Subordinated Notes Offering and Satisfaction of Financing Condition Under "Dutch Auction" Tender Offer

Dec 01, 2020

MVB Financial Corp. (NASDAQ: MVBF) (“MVB” or the “Company”) announced today the completion of a private placement of $40 million of 4.25% fixed to floating rate subordinated notes due 2030 (the “Notes”) to certain qualified institutional buyers. The Company intends to use the net proceeds from the sale of Notes to purchase shares of its common stock pursuant to the previously announced modified “Dutch Auction” tender offer and any remaining proceeds for general corporate purposes. The completion of the private placement of the Notes was a condition to the tender offer. This condition has now been satisfied. The Securities and Exchange Commission requires the tender offer to remain open for five additional business days subsequent to the satisfaction of the financing condition. The tender offer was commenced on November 17, 2020 and is scheduled to expire at 5:00p.m. New York City Time, on December 18, 2020, unless otherwise extended.

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