MVB Bank, Inc. of Fairmont, West Virginia, Acquires The First State Bank, Barboursville, West Virginia — 2020-04-03

The First State Bank, based in Barboursville, West Virginia, was closed today by the West Virginia Division of Financial Institutions, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. 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 First State Bank has experienced longstanding capital and asset quality issues, operating with financial difficulties since 2015. The bank's December 31, 2019 financial reports indicated capital levels were too low to allow continued operations under federal and state law. The four branches of The First State Bank will reopen as branches of MVB Bank on Saturday, April 4, during normal banking hours.