MVB Bank, Inc. (“MVB Bank”), a wholly-owned subsidiary of MVB
Financial Corp. (“MVB Financial,” “MVB”) (NASDAQ: MVBF), today
announced that Ankura Consulting Group, LLC (“Ankura”), a leading
global expert services and advisory firm, has acquired Chartwell
Compliance (“Chartwell”), a leading global regulatory compliance
and risk management firm and wholly-owned subsidiary of MVB
Bank.
The sale of Chartwell is a great example of MVB’s focus on
generating shareholder value while positioning Chartwell for
continued growth and success with its integration into and
expansion of Ankura’s Global Anti-Financial Crime (“AFC”) Practice
across a wide range of banking and Fintech businesses, addressing a
crucial need for Bank Secrecy Act/Anti-Money Laundering (“BSA/AML”)
regulatory and compliance programs among mid-market banks,
cryptocurrency and blockchain platforms, venture capital firms and
payment solution providers.
Founded in 2011 in Bethesda, Md., and now headquartered in
Fairmont, W.Va., Chartwell provides integrated regulatory
compliance, state licensing, financial crimes prevention and
enterprise risk management services that include consulting,
outsourcing, testing and training solutions. As one of the world’s
leading specialist firms in state and federal compliance and market
entry facilitation for firms entering into or expanding in North
America, Chartwell serves many of the most high-profile providers
in the Fintech industry, including commercial bill pay solution
providers, cryptocurrency and blockchain innovators,
publicly-traded online marketplaces, venture capital firms, Fintech
banks, third-party payments processors and financial accounting
software providers. Since joining MVB Bank in 2019, Chartwell has
deepened its advisory expertise and capabilities, more than tripled
its revenue and headcount, and positioned itself for continued
strong growth.
“Having Chartwell as a part of the MVB family over the past
three years has been an extremely beneficial relationship that
allowed MVB to grow and scale our Fintech business while we also
strengthened our internal risk and compliance resources. MVB
remains committed to compliance and regulatory excellence.
Chartwell is an industry leader and has expanded in new and
creative ways, and we believe Chartwell will continue to thrive as
part of the Ankura team. Chartwell’s services and expertise are a
great fit for Ankura, and we will continue to have a trusted
partnership moving forward. MVB Bank will remain a Chartwell
client,” said Larry F. Mazza, MVB CEO. “This transaction is also
another example of how MVB’s growth strategy continues to drive
shareholder value.”
Chartwell’s approximately 60 employees, including Jonathan
Abratt and Sherry Tomac of Chartwell’s Executive Management team,
join Ankura’s Global Risk, Forensics & Compliance Group.
“The addition of Chartwell provides Ankura with a clear market
differentiator by allowing us to offer banking and Fintech
compliance services that are uniquely complementary to our
investigations, litigation and oversight offerings,” said Steven
Richards, Senior Managing Director and Global Leader of Ankura’s
Risk, Forensics, & Compliance Group. “We are thrilled to have
Chartwell join our Forensics practice, which complements our growth
over the past two years beyond the United States into Frankfurt,
London, Hong Kong and Dubai. With Chartwell’s further expertise,
we’ll be able to better service our global clients across borders
as the premier firm helping a diverse range of Fintech clients
successfully navigate and remain in compliance with existing and
emerging regulations.”
“My colleagues and I are incredibly excited to welcome Jonathan,
Sherry and the entire Chartwell team to Ankura,” said Kevin Lavin,
Chief Executive Officer of Ankura. “They have built a strong
business and we are confident that they will be empowered to reach
even greater heights as part of Ankura. Chartwell and Ankura share
a collaborative ethos that is focused on providing the highest
quality advisory services to clients, and we look forward to
working with our new colleagues as we continue to help clients
navigate regulatory complexity.”
Davis Polk & Wardwell LLP served as legal advisor to Ankura.
Squire Patton Boggs served as legal advisor to MVB Financial
Corp.
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.
About Ankura
Ankura Consulting Group, LLC is an independent global expert
services and advisory firm that delivers services and end-to-end
solutions to help clients at critical inflection points related to
conflict, crisis, performance, risk, strategy, and transformation.
The Ankura team consists of more than 1,800 professionals serving
3,000+ clients across 55 countries who are leaders in their
respective fields and areas of expertise. Collaborative Lateral
Thinking That Deliversᵀᴹ, hard-earned experience, expertise, and
multidisciplinary capabilities drive results and Ankura is
unrivalled in its ability to assist clients to Protect, Create, and
Recover Valueᵀᴹ. For more information, please visit,
ankura.com.
About Chartwell Compliance
Chartwell Compliance, which is now part of Ankura, provides
integrated regulatory compliance, state licensing, financial crimes
prevention, and enterprise risk management services that include
consulting, outsourcing, testing, and training solutions for
Fintechs and banks. For more information, please visit
https://www.chartwellcompliance.com/.
Forward-looking Statements
MVB Financial Corp. has made forward-looking statements, within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended, in this press release that are intended to be covered by
the protections provided under the Private Securities Litigation
Reform Act of 1995. These forward-looking statements are based on
current expectations about the future and subject to risks and
uncertainties. Forward-looking statements include, without
limitation, information concerning possible or assumed future
results of operations of the Company and its subsidiaries.
Forward-looking statements can be identified by the use of words
such as “may,” “could,” “should,”, “would,” “will,” “plans,”
“believes,” “estimates,” “expects,” “anticipates,” “intends,”
“continues,” or the negative of those terms or similar expressions.
Note that many factors could affect the future financial results of
the Company and its subsidiaries, both individually and
collectively, and could cause those results to differ materially
from those expressed in forward-looking statements. Therefore,
undue reliance should not be placed upon any forward-looking
statements. Those factors include but are not limited to: market,
economic, operational, liquidity, and credit risk; changes in
market interest rates; inability to achieve anticipated synergies
and successfully integrate recent mergers and acquisitions;
inability to successfully execute business plans, including
strategies related to investments in financial technology
companies; competition; length and severity of the COVID-19
pandemic and its impact on the Company’s business and financial
condition; changes in economic, business, and political conditions;
changes in demand for loan products and deposit flow; operational
risks and risk management failures; and government regulation and
supervision. Additional factors that may cause actual results to
differ materially from those described in the forward-looking
statements can be found in the Company’s Annual Report on Form 10-K
for the year ended December 31, 2021, as well as its other filings
with the SEC, which are available on the SEC’s website at
www.sec.gov. Except as required by law, the Company disclaims any
obligation to update, revise, or correct any forward-looking
statements.
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version on businesswire.com: https://www.businesswire.com/news/home/20230301005492/en/
MEDIA CONTACT Amy Baker VP, Corporate Communications
& Marketing abaker@mvbbanking.com (844) 682-2265
INVESTOR RELATIONS Marcie Lipscomb
mlipscomb@mvbbanking.com (844) 682-2265
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