NiSource Executive Jimmy D. Staton Joins MVB Financial Corp. Board of Directors
FAIRMONT, W.Va., June 24, 2013 /PRNewswire/ -- The Board of Directors of MVB Financial Corp. (OTCQB: MVBF) today announced the appointment of NiSource executive Jimmy D. Staton as a director of its Board. Mr. Staton will serve as a Member on the Board's Human Resources & Compensation Committee of MVB Financial Corp, and also as a Member of the Board of Directors for its subsidiary, MVB Bank, Inc.
Mr. Staton is Executive Vice President of NiSource and Group CEO for Columbia Pipeline Group Gas based in Houston, Texas and Charleston, West Virginia. In this role, he oversees all commercial, regulatory, operations, and project development and is responsible for execution of the business growth strategies. Mr. Staton is a member of NiSource's executive management council, joining NiSource in March of 2008 after serving in a variety of senior executive positions in the energy industry, including Dominion Resources, Inc., Consolidated Natural Gas Company and CNG Transmission Corporation.
"We are pleased to have the caliber of executive management experience that Jimmy Staton will add to our Board," said Larry Mazza, CEO of MVB Financial Corp. "Jimmy's accomplishments in the energy industry will also help us to further understand and serve an industry that is so vital to the economies of the markets we serve."
Mr. Staton's Board term is subject to the approval of the shareholders of MVB at the next 2014 annual meeting.
About MVB Financial Corp.
MVB Financial Corp. ("MVB Financial"; OTCQB: MVBF) was formed on January 1, 2004 as a bank holding company and, effective December 19, 2012, elected to become a financial holding company. MVB Financial features multiple subsidiaries and affiliated businesses, including MVB Bank, Inc., Potomac Mortgage Group, Inc., and MVB Insurance, LLC. The Company's principal executive offices are located at 301 Virginia Avenue, Fairmont, W.Va., 26554-2777, and its telephone number is (304) 363-4800. For additional information regarding MVBF visit ir.mvbbanking.com. The OTCQB is a market tier operated by the OTC Market Group Inc., for over-the-counter traded companies that are current in their reporting with a U.S. regulator.
All statements other than statements of historical fact included herein are, or may be deemed to be, forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21 E of the Securities Exchange Act of 1934. Such information involves risks and uncertainties that could result in MVB Financial Corp.'s (the "Company's") actual results differing from those projected in the forward-looking statements. Important factors that could cause actual results to differ materially from those discussed in such forward-looking statements include, but are not limited to: (i) the Company may incur loan losses due to negative credit quality trends in the future that may lead to deterioration of asset quality; (ii) the Company may incur increased charge-offs in the future; (iii) the Company could have adverse legal actions of a material nature; (iv) the Company may face competitive loss of customers; (v) the Company may be unable to manage its expense levels; (vi) the Company may have difficulty retaining key employees; (vii) changes in the interest rate environment may have results on the Company's operations materially different from those anticipated by the Company's market risk management functions; (viii) changes in general economic conditions and increased competition could adversely affect the Company's operating results; (ix) changes in other regulations and government policies affecting bank holding companies and their subsidiaries including changes in monetary policies may negatively impact the Company's operating results; (x) the effects of the Dodd-Frank Wall Street Reform and Consumer Protection Act may adversely affect the Company; (xi) the risk that the benefits from the acquisition of Potomac Mortgage Group, LLC, now Potomac Mortgage Group, Inc. ("PMG") may not be fully realized or may take longer to realize than expected, including as a result of changes in general economic and market conditions, interest and exchange rates, monetary policy, laws and regulations and their enforcement and the degree of competition in the geographic and business areas in which MVB Bank, Inc. ("MVB Bank") and PMG operate; (xii) the reaction of the companies' customers, employees and counterparties to the acquisition; (xiii) the integration of the operations of MVB Bank and PMG may be more difficult, costly or time-consuming than expected; (xiv) diversion of management time on acquisition-related issues; and, (xv) other factors which could cause actual results to differ materially from future results expressed or implied by such forward-looking statements.
SOURCE MVB Financial Corp.