MVB completes mortgage group purchase
MVB Financial Corp., the Fairmont-based corporate parent of MVB Bank, announced it has completed its previously announced acquisition of Potomac Mortgage Group, a northern Virginia residential mortgage company, for about $19 million.
MVB Bank and Potomac Mortgage Group are expected to produce about $1 billion in mortgages a year, the bank said.
Larry Mazza, MVB's chief executive officer, said in October that MVB plans to enter the Charleston market by opening a branch on Washington Street East across from Embassy Suites. The company has bank branches in Marion, Monongalia, Harrison, Berkeley and Jefferson counties. Potomac Mortgage Group has offices in Fairfax, McLean and Reston, Va.