MVB Financial Corp. and Integrated Financial Holdings, Inc. Announce Termination of Merger Agreement

MVB Financial Corp. (Nasdaq: MVBF) (“MVB” or “MVB Financial”) and Integrated Financial Holdings, Inc. (OTCQX: IFHI) (“IFHI”), announced today that they have mutually agreed to terminate their previously announced merger agreement dated August 12, 2022.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20230509006243/en/

Termination of the merger agreement was approved by the Board of Directors for each company primarily due to changing market conditions that have pressured bank industry stock prices and also due to understandable delays in regulatory processes. Termination of the merger agreement does not result in fees to either company.

“Due primarily to the changes that have occurred in the banking industry since the announcement of the transaction, the termination of the merger agreement with IFHI is the right decision at this time for the shareholders of both companies,” said Larry F. Mazza, CEO, MVB Financial. “MVB will continue our working relationship with Windsor Advantage, IFHI’s wholly owned subsidiary providing comprehensive SBA 7(a) and USDA lending services to community banks. MVB’s diversified business model keeps our balance sheet strong through changing marketing conditions.”

“As with many things, timing plays a crucial factor in business combinations,” said Marc McConnell, Chairman, President and CEO of IFHI. “The last 90-120 days have certainly demonstrated the interconnectedness of our financial system and the dynamic environment in which banks operate. We have appreciated the relationships that we have developed with the MVB team and expect we will continue to do business together. During the pendency of the merger, we have right-sized IFHI in a number of respects, and with our strong capital base and improving efficiency, we believe that IFHI is well-positioned to proceed as an independent company.”

About MVB Financial Corp.

MVB Financial Corp. (“MVB Financial” or “MVB”), the innovative financial holding company of MVB Bank, Inc., is publicly traded on The Nasdaq Capital Market under the ticker “MVBF.” Through its subsidiary, MVB Bank, Inc., (“MVB Bank”) and the bank’s subsidiaries, MVB provides services to individuals and corporate clients in the Mid-Atlantic region, as well as to Fintech, Payment and Gaming clients throughout the United States. For more information about MVB, please visit ir.mvbbanking.com.