MVB Financial Corp., based in Fairmont, W. Va., has closed its previously announced acquisition of Reston, Va.-based Potomac Mortgage Group LLC (PMG). The purchase price was approximately $19 million in cash and MVB common shares.
‘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,’ says Larry Mazza, CEO of MVB Financial. ‘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.’
PMG was founded in 2009 and has a footprint that covers Virigina, Maryland and the District of Columbia.