MVB Financial Incorporation has announced an agreement to purchase a northern Virginia mortgage company.
The addition of Potomac Mortgage Group will expand MVB's market beyond its base in West Virginia and will bring the combined mortgage unit production to $1 billion.
CEO Larry Mazza said now is a great time to be in the mortgage industry and PMG is located in a Virginia market that continues to grow.
"Northern Virginia is an insulated market because it has a large market of government workers there from contractors to actual employees of the government. During the great recession that market had performed very well," Mazza said.
MVB Bank plans to add five new locations in 2013.
It plans to begin adding banks to Northern Virginia and hopes to one day move into Pennsylvania.