Question 1

What is MVB Bank?

Accepted Answer

MVB Bank is an innovative financial institution that blends traditional community banking with cutting-edge fintech solutions. With approximately $3.2 billion in assets and operations spanning 39 states, the bank serves individuals and corporate clients in the Mid-Atlantic region while providing specialized Banking-as-a-Service (BaaS) solutions to fintech companies, gaming operators, and payment processors nationwide.

Headquartered in Fairmont, West Virginia, MVB Bank operates as the wholly-owned subsidiary of MVB Financial Corp., which is publicly traded on the NASDAQ Capital Market under the ticker symbol MVBF and is a member of the Russell 2000 Index.

Question 2

When was MVB Bank founded?

Accepted Answer

MVB Bank was founded on October 30, 1997, initially established to serve the local community's banking needs in Fairmont, West Virginia. The institution began as a traditional community bank aimed at providing personalized financial services to residents and businesses in the region.

In 2004, MVB Financial Corp. was formed as the bank holding company structure, facilitating growth and diversification opportunities. The bank's trajectory changed dramatically under the leadership of Larry F. Mazza, who joined as president in 2005 and became CEO.

By 2015, Mazza recognized the need to transform the business model, leading to a strategic pivot toward fintech and Banking-as-a-Service beginning in 2016. This transformation accelerated after the 2018 Supreme Court decision that struck down the federal ban on sports betting, positioning MVB as one of the first banks to capitalize on opportunities in online gaming.

Question 3

Where is MVB Bank headquartered?

Accepted Answer

MVB Bank is headquartered in Fairmont, West Virginia, in Marion County. The bank's main offices are located at 301 Virginia Avenue, Fairmont, WV 26554.

Despite its West Virginia roots, the bank's employee base has expanded dramatically, with team members now living in more than 25 different states across the country, reflecting its national fintech operations.

Question 4

Where does MVB Bank operate?

Accepted Answer

MVB Bank operates 7 banking offices in its traditional footprint, serving communities in West Virginia and Virginia. These branches provide conventional banking services to local retail and commercial customers in the Mid-Atlantic region.

However, the bank's fintech division operates on a national scale, providing Banking-as-a-Service solutions to clients across the entire United States. Through its fintech partnerships and BaaS platform, MVB supports more than 6 million consumer accounts nationwide.

The bank's specialized services extend to online gaming operators in states where sports betting is legal, cryptocurrency exchanges, payment processors, and fintech companies requiring banking infrastructure partners.

Question 5

What services does MVB Bank offer?

Accepted Answer

MVB Bank offers traditional community banking services including personal checking and savings accounts, certificates of deposit, consumer loans, mortgages, and business banking products. Commercial services encompass business loans, commercial real estate financing, and treasury management solutions.

The bank's distinctive offerings center on its fintech and Banking-as-a-Service platform. These include specialized deposit accounts for fintech companies, payment processing solutions (ACH and Fedwire), API-driven BaaS infrastructure, and compliance and risk management support for regulated industries.

MVB provides banking services to major online gaming companies including FanDuel and DraftKings, offering instant debit card issuance to digital wallets, digital savings and checking accounts, and casino cash management through its Flexia platform. The bank also powers banking services for Credit Karma, helping consumers access checking and savings accounts and debit cards.

Additional fintech subsidiaries include Chartwell Compliance (acquired 2019) for compliance and risk management, Trabian Technology (acquired 2021) for digital banking solutions, and MVB Edge Ventures for strategic equity investments in early to mid-stage fintech companies.

Question 6

What makes MVB Bank unique?

Accepted Answer

MVB Bank stands out as one of the pioneers in providing banking infrastructure to the online gaming and fintech industries. The bank was among the first to recognize opportunities in online sports betting after West Virginia legalized it, and moved quickly to establish relationships before competitors entered the market.

Financial performance is exceptional, with a return on assets (ROA) of 1.55% and return on equity (ROE) of 14.6%. Non-interest-bearing deposits have surged from 8% seven years ago to nearly 50% of total deposits, with gaming deposits accounting for about one-third of the deposit base.

Noninterest income from fintech services represents approximately 40-45% of total revenue, significantly higher than traditional community banks. The bank manages approximately 100 fintech partnerships counting clients, vendors, and investors.

MVB's transformation from a community bank with 35 employees to a fintech-focused institution with nearly 500 employees demonstrates remarkable strategic evolution. The bank has successfully navigated complex regulatory environments in online gaming, cryptocurrency, and digital assets—areas many traditional banks avoid.

Question 7

What type of financial institution is MVB Bank?

Accepted Answer

MVB Bank is a state-chartered commercial bank supervised by the Federal Deposit Insurance Corporation (FDIC). It operates under a state charter and is not a member of the Federal Reserve System.

As a commercial bank, MVB is authorized to provide comprehensive banking services to retail customers, businesses, and specialized fintech clients. Its dual focus combines traditional community banking with specialized Banking-as-a-Service operations, creating a hybrid model that serves both conventional depositors and technology-driven clients.

The bank's charter allows it to innovate within the fintech space while maintaining regulatory compliance and FDIC insurance protection for depositors across all business lines.

Question 8

How has MVB Bank's fintech strategy evolved?

Accepted Answer

MVB Bank's pivot to fintech began around 2016 when management recognized that traditional community banking growth was limited in West Virginia's modest economic environment. The bank invested heavily in technology infrastructure and compliance capabilities to support fintech partnerships.

The 2018 Supreme Court decision striking down the federal sports betting ban proved transformative. MVB immediately began providing treasury services to casinos and rapidly expanded to serve online gaming operators across multiple states, gaining first-mover advantage in a sector many banks avoided.

Strategic acquisitions have supported this evolution. The 2019 purchase of Chartwell Compliance strengthened risk management capabilities critical for serving high-risk industries. The 2021 acquisition of Trabian Technology added digital banking technology. MVB Edge Ventures was established to incubate new fintech companies and manage the bank's BaaS platform under the Victor brand.

By late 2024, fintech-related deposits represented over 60% of total deposits, fundamentally transforming the bank's business model and revenue streams. This strategic repositioning has opened national markets and higher-growth opportunities while diversifying away from geographic concentration in West Virginia.

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