MVB Financial to acquire Integrated Financial in ~$98M all-stock deal

Aug. 12, 2022 8:42 AM ETMVB Financial Corp. (MVBF)IFHIBy: Jessica Kuruthukulangara, SA News Editor
  • MVB Financial (NASDAQ:MVBF) said Friday it will acquire Integrated Financial (OTCQX:IFHI) in an all-stock deal.
  • IFHI shareholders will receive 1.21 MVBF shares for each IFHI share.
  • Based on MVBF's last close, the implied per share purchase price is $41.79, with a total deal value of ~$98M.
  • The deal expands MVBF's govt. guaranteed lending business, including SBA and USDA originations and servicing.
  • The transaction is expected to be immediately accretive to MVBF's tangible book value per share at closing and ~15% accretive to EPS in 2023.
  • MVBF expects tangible common equity to tangible assets and all regulatory capital ratios to increase pro forma for the deal.
  • IFHI CEO Eric Bergevin will join MVBF's executive leadership team.
  • The deal is expected to close in Q1 2023.

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