Deal Snapshot
Potomac Mortgage Merges with Intercoastal Mortgage to Strengthen Mortgage Operations in Mid-Atlantic
Monday 06 July 2020

Potomac Mortgage Group, a subsidiary of West Virginia, US-based MVB Bank, Inc., has combined with Intercoastal Mortgage Company (ICMC) to form expanded residential mortgage lending operations in the Mid-Atlantic region of the US, the company said.

MVB Bank is a subsidiary of MVB Financial Corp. (NASDAQ: MVBF). Per the terms of the agreement, MVB Mortgage will contribute substantially all its assets and in exchange will receive common units representing 47% of the common interest of ICM, as well as USD 7.5m in preferred units.

Date Published: 06/07/2020