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MVB completes acquisition of Potomac Mortgage Group

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MVB Financial Corp., has closed its acquisition of northern Virginia residential mortgage company Potomac Mortgage Group LLC for about $19 million in cash and MVB common shares, the company announced Dec. 21.

With the addition of PMG's annual production of mortgages, MVB's new subsidiary expects to become a $1 billion mortgage production unit at a time when MVB Bank is experiencing record mortgage lending, according to an MVB news release.

The addition of PMG is expected to be accretive to MVB's earnings beginning in the first quarter of 2013. PMG will retain its identity as a wholly owned subsidiary of MVB Bank. PMG's CEO Ed Dean will continue to operate the mortgage subsidiary as well as oversee MVB's total mortgage operations.

"We are pleased to have completed the purchase of PMG as it will strengthen MVB's retail mortgage lending platform as well as enable PMG's continued growth," MVB CEO Larry Mazza said in the news release. "Both organizations have achieved success in the retail mortgage lending arena that we believe will only be strengthened by a shared platform of talent, advanced technology and high quality operations."

MVB Financial Corp. is based in Fairmont. It is the parent company of MVB Bank, which has locations in Marion, Monongalia, Harrison, Berkeley and Jefferson counties.

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