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Pending Acquisition
6 Months Ended
Jun. 30, 2022
Business Combination and Asset Acquisition [Abstract]  
Pending Acquisition
Note 14 – Pending Acquisition

Warp Speed Holdings LLC

In March 2022, the Bank entered into an Equity Purchase Agreement (the “Purchase Agreement”) with Warp Speed Holdings LLC, a Wyoming limited liability company (“Warp Speed”), pursuant to which the Bank agreed to purchase Class B Common Units of Warp Speed in an amount equal to 37.5% of the outstanding equity interests of Warp Speed on a fully-diluted basis (the “MVB Investment”). On April 28, 2022, MVB Financial Corp. assumed the Bank's obligations under the Purchase Agreement. The aggregate consideration to be paid for the MVB Investment at closing pursuant to the Purchase Agreement is $38.4 million in cash, plus $9.6 million in shares of MVB common stock, with the number of shares of MVB common stock to be issued based on the volume-weighted average closing price for shares of MVB common stock for the 20 trading days ending the day prior to the closing date, which is currently expected to occur during the third quarter of 2022.