MVBF - MVB Financial to acquire Integrated Financial in ~$98M all-stock deal
- MVB Financial ( NASDAQ: MVBF ) said Friday it will acquire Integrated Financial ( OTCQX:IFHI ) in an all-stock deal.
- IFHI shareholders will receive 1.21 MVBF shares for each IFHI share.
- Based on MVBF's last close, the implied per share purchase price is $41.79, with a total deal value of ~$98M.
- The deal expands MVBF's govt. guaranteed lending business, including SBA and USDA originations and servicing.
- The transaction is expected to be immediately accretive to MVBF's tangible book value per share at closing and ~15% accretive to EPS in 2023.
- MVBF expects tangible common equity to tangible assets and all regulatory capital ratios to increase pro forma for the deal.
- IFHI CEO Eric Bergevin will join MVBF's executive leadership team.
- The deal is expected to close in Q1 2023.
For further details see:
MVB Financial to acquire Integrated Financial in ~$98M all-stock deal