The division then appointed the Federal Deposit Insurance Corporation (FDIC) as the official receiver of the accounts. (844)-682-2265 Call to Apply + Call to apply for an account or a loan. whole bank the first state bank version 11.1 – p. urchase and . A West Virginia bank was closed by its state regulator Friday afternoon in the industry's second failure of 2020. 9:00am-4:00pm Mon-Fri, Drive-Through Hours The former The First State Bank locations will reopen as branches of MVB Bank during regular business hours. About MVB Bank All deposit accounts, excluding brokered deposits, have been transferred to MVB Bank, Fairmont, WV ("assuming institution") and will be available immediately. To protect depositors, the FDIC entered into a purchase and assumption agreement with MVB Bank, Inc. of Fairmont to assume all of First State’s deposits. All four of the bank’s branches opened Saturday under the MVB Bank banner. Interest on Lawyers Trust Account (IOLTA), Acquisition, Development, and Construction, Government Contractor and Lease Financing. Get Cabell County MVB Bank branch hours, reviews and customer service telephone number located on 660 Central Ave, Barboursville, WV 25504 A small bank in West Virginia has failed and been taken over by the FDIC after experiencing difficulties since 2015 and its 2019 capital levels were too low, the Federal Deposit Insurance Corp. announced Friday. The First State Bank was closed by the West Virginia Division of Financial Institutions, which appointed the Federal Deposit Insurance Corporation as receiver. “This bank failure was not a result of the current health emergency,” the FDIC said on Twitter Friday. 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The FDIC estimated the failure would cost the DIF about $46.8 million, representing nearly a third of the bank’s assets. MVB Financial Corp. (NASDAQ: MVBF) (“MVB Financial” or “MVB”) and its wholly-owned subsidiary MVB Bank, Inc. (the “Bank”) announce that the Bank’s subsidiary Potomac Mortgage Group, Inc. (dba MVB Mortgage) has completed a combination with Intercoastal Mortgage Company (“ICMC”), a Van Metre Company. Please be advised that you are leaving MVB's website. Please be advised that you are leaving MVB's website. Charleston - The First State Bank, based in Barboursville was closed Friday by the West Virginia Division of Financial Institutions, which appointed the Federal Deposit Insurance Corporation as receiver. The bank’s $139.5 million in deposits will be acquired by MVB Bank Inc. of Fairmont, W.Va. The West Virginia Division of Financial Institutions closed First State Bank in Barboursville, West Virginia, on Friday, in the second U.S. bank failure of the year. © 2021 - MVB Bank • (844) 682-2265 • Privacy policy • Member FDIC • Equal Housing Lender During the “Great Recession” caused by the 2008 financial crisis, more than 400 banks shut down. Barboursville, WV 25504, Lobby Hours MVB is one of the largest banks based in West Virginia. Copyright © 2021 MarketWatch, Inc. All rights reserved. Despite First State’s small size, the closing is expected to take a bite from the FDIC’s Deposit Insurance Fund. BARBOURSVILLE, W.Va. – After closing Friday, The First State Bank will be continuing business under a new name and management. Find 3 listings related to Mvb Bank in Barboursville on YP.com. Its core capital leverage ratio hovered around 1.30%, much lower than the 11.68% average for banks with $100 million to $300 million is assets. West Virginia issued a statewide stay-at-home order last week, leading the FDIC to advise depositors that they enter bank branches only if absolutely essential and after making an appointment with branch staff. UPDATE: Due to inclement weather, MVB banking centers in the following locations will be CLOSED today, February 16: Barboursville, Huntington, Hurricane/Teays Valley. MVB checking keeps you a step ahead. BARBOURSVILLE – MVB Bank of Fairmont has acquired First State Bank in Barboursville. Check out our Terms of Use for more information. It was established in 1999 and as of December of 2020, it had grown to 287 employees at 14 locations.MVB Bank has an A health rating. The hit is the largest since late 2017, when the failure of Washington Federal Bank for Savings in Chicago cost the DIF more than $80 million. MVB Bank, Inc, Barboursville Branch Full Service Brick and Mortar Office 660 Central Ave Barboursville, WV 25504 8:00am-1:00pm Sat, Phone Address Follow him on Twitter @grobb2000. The First State Bank has experienced longstanding capital and asset quality issues, operating with financial difficulties since 2015. If you need immediate assistance, please call Client Support at 844-MVB-BANK during regular business hours. We do not endorse or control the content of third party websites. NOTIFICATION: Due to a power outage, the MVB banking center in Barboursville will be CLOSED today, February 17. MVB Bank. MVB Bank was founded in 1999 with headquarters located in Fairmont, West Virginia. To protect depositors, the FDIC entered into a purchase and assumption agreement with MVB Bank, Inc. (MVB Bank) of Fairmont, West Virginia, to assume all of the deposits of The First State Bank. The House approved a $1.9 trillion pandemic relief bill in a win for President Joe Biden early Saturday morning, even as top Democrats tried assuring agitated progressives that they would revive their derailed drive to boost the minimum wage. The First State Bank of Barboursville with $152 million in total assets was closed Friday by the West Virginia Division of Financial Institutions. The regulator brokered the purchase of the First State Bank to MVB Bank, Inc. (MVB Bank) of Fairmont, West Virginia. Locations of ITMs, ATMs and drive-thrus can be found on our Locations page. MVB Bank, Inc, Barboursville Branch (3.0 miles) Full Service Brick and Mortar Office 660 Central Ave Barboursville, WV 25504 FDIC officials said the failure was not connected to the recent economic shocks from the spread of the coronavirus. Find 347 listings related to Mvb Bank in Huntington on YP.com. We apologize for any inconvenience this may cause. We apologize for any inconvenience this may cause. It trails WesBanco, City National and Summit Community banks in terms of assets, and it’s larger than Huntington-based Premier Bank. 660 Central Ave Check out our Terms of Use for more information. whole bank all deposits among federal deposit insurance corporation, receiver of the first state bank, barboursville, west virginia federal deposit insurance corporation and mvb bank, inc., fairmont, west virginia . a. ssumption . The FDIC said in a press release that the bank operated with “financial difficulties” since 2015, while agency data shows it hadn’t turned a profit since 2013. I am still chasing repayments. In 2019, the bank lost about $3.7 million. If you have questions or concerns, please call us at 844-MVB-BANK. If you have questions or concerns, please call us at 844-MVB-BANK. “Financial issues were longstanding.”. In order to maintain safety for our Team and clients, our lobbies are currently open by appointment only. The company said it bought some other real estate owned for 47.5% of their book value, the American Banker reported. See reviews, photos, directions, phone numbers and more for Mvb Bank locations in Barboursville, WV. You can also conduct banking transactions with an MVB Team Member in real-time through our Interactive Teller Machines (ITMs) or by utilizing our drive-thrus. The West Virginia state regulator closed the First State Bank in Barboursville yesterday. The First State Bank , based in Barboursville, West Virginia, was closed on Friday, April 3, 2020, by the West Virginia Division of Financial Institutions, which appointed the Federal Deposit ... assumption agreement with MVB Bank, Inc. (MVB Bank) of Fairmont, West Virginia to assume all of the deposits of The First State Bank. It bought the branches for about $1.5 million. MVB Bank is headquartered in Fairmont and is the 4 th largest bank in the state of West Virginia. 7:00am-7:00pm Mon-Fri We do not endorse or control the content of third party websites. 9:00am-4:00pm Mon-Fri, ITM Hours BARBOURSVILLE – MVB Bank of Fairmont has acquired First State Bank in Barboursville. The First State Bank of Barboursville with $152 million in total assets was closed Friday by the West Virginia Division of Financial Institutions. dated as of april 3, 2020 . Greg Robb is a senior reporter for MarketWatch in Washington. Your most valuable bank Who we are + Learn more about our purpose and values. The FDIC was appointed receiver and later brokered the sale of all assets and all four branches to the $1.9 billion-asset MVB Financial in Fairmont, West Virginia. MVB Bank, Inc, Barboursville Branch Full Service Brick and Mortar Office 660 Central Ave Barboursville, WV 25504 MVB disclosed in a regulatory filing that it paid no premium for the deposits. The Federal Deposit Insurance Corp. was appointed receiver for First State Bank in Barboursville. The First State Bank, was closed Friday by the West Virginia Division of Financial Institutions. (844) 682-2265 The bank and all four of its branches were assumed by the $1.9 billion-asset MVB Financial in Fairmont, W.Va. It handles $2 billion in assets along with deposits totaling $1 billion. First State’s four branches will become MVB … But the agency pointed to guidance from the Centers for Disease Control and Prevention and encouraged customers to follow “social distancing and utilize online and electronic banking capabilities” as the COVID-19 pandemic continues. First State’s branches was expected to reopen as MVB locations on Saturday during normal business hours. The First State Bank of Barboursville, with $152 million in total assets, was closed Friday by the West Virginia Division of Financial Institutions. West Virginia Bank Shutting Down. When it comes to running your business, you need tools that are agile, efficient, and intuitive — just like you. BARBOURSVILLE — The First State Bank, ... To protect depositors, the FDIC entered into a purchase and assumption agreement with MVB Bank Inc. of … MVB said in its filing that it bought the assets at a roughly $28.2 million discount to book value. (844) 682-2265 (Toll Free). The four branches of The First State Bank will reopen as branches of MVB Bank on Saturday, the FDIC said. Powering your potential Your trusted partner on the financial frontier.
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