MVB breaks ground on new Charleston bank
CHARLESTON, W.Va. - MVB Bank executives and city leaders celebrated the official groundbreaking Wednesday afternoon for the bank's new $6 million office building in downtown Charleston.
The new branch, located at the corner of Margaret Street and the 400 block of Washington Street East, is slated to open by the end of 2014. It will be the company's first office in Southern West Virginia.
Officials with the Fairmont-based MVB Financial Corp., the parent company of MVB Bank, said they were excited to finally break ground in the Charleston market.
"We knew, being a West Virginia bank, we had to be here," Chief Executive Officer Larry Mazza said.
MVB Bank has nine branches - six in North-Central West Virginia along the Interstate 79 corridor and three in the Eastern Panhandle. The 14-year-old company has grown aggressively in recent years using Mazza's "growth with quality" strategy.
MVB Financial also acquired the Potomac Mortgage Group late last year, giving the company access to the northern Virginia market and helping drive an 82 percent increase in the company's second-quarter profits this year.
"MVB Financial is well-positioned for continued growth, and we are fully focused on enhancing long-term shareholder value in all our endeavors," Mazza said during the recent earnings announcement.
Aly Goodwin Gregg, chief marketing officer, said the Charleston office will serve as a springboard for continued expansion into the southern part of West Virginia.
"From a market perspective, we know that Charleston is where we need to be," she said. "It's the capital city, and it gives us the opportunity to serve this lucrative market and expand our footprint in West Virginia."
Charleston assistant mayor Rod Blackstone said the city welcomed the new investment in the downtown area. He said the improvement along Washington Street would go well with the city's plans to revamp the area around the Charleston Civic Center in the coming years.
"We want Charleston to be the economic, recreational and cultural capital of the Appalachian region," Blackstone said. "It's good to know there's a bank in Morgantown that knows Charleston is the place to be as well."
The site will feature a wraparound drive-through that will have entrances and exits along Washington Street. Officials said that was to respect neighbors' wishes to keep traffic on Margaret Street at a minimum.
MVB Bank will occupy the first two floors of the four-story building. The top two floors will contain about 12,000 square feet of Class-A office space.
Gregg said the company has already received interest from potential occupants.
"We've had a great response so far," she said.
Contact writer Jared Hunt at firstname.lastname@example.org or 304-348-4836.