The Baltimore Sun
8:18 PM EDT, October 23, 2013
MVB Financial Corp., a bank holding company based in Fairmont, W.Va., announced an agreement Wednesday to acquire the assets of CFG Community Bank for $30 million.
Based in Baltimore, CFG has offices in Fells Point, Lutherville and Annapolis, which will become part MVB Bank and assume that name.
The deal requires regulatory approval.
"This acquisition is the next step in the expansion of our regional market presence for MVB Bank," said Larry F. Mazza, CEO of MVB Financial.
CFG Community Bank is part of Baltimore-based Capital Funding Group.
"The sale… will allow the successful turnaround we engineered to progress into a strong growth story," said Jack Dwyer, chairman of the CFG family of companies. "Additionally, it will allow Capital Funding Group to enhance the growth and profitability of its retained healthcare financing businesses due to renewed focus and also its new strategic partner."
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