{"id":655,"date":"2019-09-16T08:30:34","date_gmt":"2019-09-16T08:30:34","guid":{"rendered":"https:\/\/www.chartwellcompliance.com\/?p=655"},"modified":"2019-09-16T08:30:34","modified_gmt":"2019-09-16T08:30:34","slug":"655-2","status":"publish","type":"post","link":"http:\/\/juliesannex.com\/chartwell\/655-2\/","title":{"rendered":"MVB Financial Corp. Acquires Chartwell Compliance"},"content":{"rendered":"

\"\"<\/a><\/p>\n

MVB Financial Corp. Acquires Chartwell Compliance<\/strong><\/h3>\n

Acquisition Differentiates MVB Fintech with its Commitment to Compliance Excellence<\/strong><\/p>\n

(FAIRMONT, W.Va.) Sept. 16, 2019 \u2013 MVB Financial Corp. (\u201cMVB,\u201d \u201cMVB Financial\u201d) (Nasdaq: MVBF), the holding company for MVB Bank, Inc., announced today Chartwell Compliance has joined the MVB family through its acquisition as a wholly-owned subsidiary of MVB Bank. The move further reinforces MVB\u2019s 3.0 strategy of seeking \u201cblue ocean\u201d opportunities and differentiates MVB\u2019s expanding Fintech vertical with its commitment to regulatory and compliance excellence.<\/p>\n

Headquartered in Bethesda, Md., Chartwell Compliance provides integrated regulatory compliance, state licensing, financial crimes prevention and enterprise risk management services that include consulting, outsourcing, testing and training solutions. It is one of the world\u2019s leading specialist firms in state and federal compliance and market entry facilitation for firms entering into or expanding in North America, serving many of the most high-profile providers of the Fintech industry, such as commercial bill pay solution providers, crypto currency and blockchain innovators, publicly-traded online marketplaces, money services businesses, venture capital firms, Fintech banks, third party payments processors and financial accounting software providers.<\/p>\n

Chartwell Compliance will retain its name and mission. Daniel Weiss, founder, will remain as President and CEO of Chartwell. Chartwell\u2019s 20 professionals from money services businesses, payments processors and state and federal financial regulation will continue to serve their clients across the nation and beyond with immediate plans to grow and expand services.<\/p>\n

\u201cChartwell Compliance consistently provides world-class compliance consulting and has formed a specialty niche serving hundreds of clients in the Fintech industry, which aligns with MVB as the preferred bank for Fintech companies. With our shared vision of the future of financial services, respect for compliance, regulation, safety and soundness and belief in doing the right things, MVB Bank and Chartwell Compliance are a perfect fit as trusted partners. With this\u00a0synergy, our relationship will bring new \u2018blue ocean\u2019 opportunities for both MVB and Chartwell,\u201d said Larry F. Mazza, President and CEO, MVB Financial Corp. \u201cAdditionally, with Chartwell we have turned a traditional banking cost center into a profit center that will benefit MVB, our clients and our shareholders.\u201d<\/p>\n

As a stand-alone subsidiary of MVB Bank, Inc., Chartwell Compliance will expand its services to both Fintech clients and bank. Chartwell will coordinate with MVB Bank\u2019s current compliance officers and be charged to help create and implement strategy and provide expert compliance resources to aid MVB in carrying out stringent and faster new client due diligence. Chartwell also will conduct enhanced monitoring and testing of clients.<\/p>\n

\u201cThrough this win-win acquisition, MVB Bank and its clients get a fully-baked compliance solution and one of the world\u2019s best-known Fintech compliance houses, while Chartwell Compliance and its clients get a mature financial institution specialized in Fintech,\u201d said Daniel Weiss, President and CEO, Chartwell Compliance. \u201cWith this new phase of our Chartwell Compliance lifecycle, we gain both for ourselves and for MVB Bank an instant, hard-to-replicate edge over competitors, an extraordinary new client for us and resource for our clients in the form of MVB Bank, connections to new Fintech clients and opportunities for upward mobility on a personal level for our professionals. It is as if we have fulfilled our long-sought goal of one day having our own Fintech bank, without having to go through the legwork of forming and capitalizing one.\u201d<\/p>\n

Squires Patton Boggs (US) LLP provided legal representation to MVB. Tomlinson Advisory Group advised Chartwell Compliance.<\/p>\n

About MVB Financial Corp.<\/strong><\/p>\n

MVB Financial Corp. (\u201cMVB Financial\u201d or \u201cMVB\u201d), the holding company of MVB Bank, is publicly traded on The Nasdaq Capital Market\u00ae under the ticker \u201cMVBF.\u201d<\/p>\n

MVB is a financial holding company headquartered in Fairmont, W.Va. Through its subsidiary, MVB Bank, Inc., and the bank\u2019s subsidiaries, MVB Mortgage, the MVB Community Development Corporation and Chartwell Compliance, the company provides financial services to individuals and corporate clients in the Mid-Atlantic region and beyond.<\/p>\n

Nasdaq is a leading global provider of trading, clearing, exchange technology, listing, information\u00a0and public company services.<\/p>\n

For more information about MVB, please visit ir.mvbbanking.com<\/a>.<\/p>\n

###<\/p>\n

Forward-looking Statements<\/strong><\/p>\n

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. 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, as well as statements regarding MVB\u2019s intent to recognize a holding gain on its equity investment in fintech companies and the anticipated use of the proceeds from such gains, as well as MVB\u2019s future plans with regard to its fintech line of business. When words such as \u201cplans,\u201d \u201cbelieves,\u201d \u201cexpects,\u201d \u201canticipates,\u201d \u201ccontinues,\u201d \u201cmay\u201d or similar expressions occur in this Press Release, the Company is making forward-looking statements. 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 the forward-looking statements contained in this Press Release. Those factors include but are not limited to: credit risk; changes in market interest rates; revaluation of equity investments, including MVB\u2019s investments in fintech companies; inability to further scale up the fintech line of business; competition; economic downturn or recession; and government regulation and supervision. Additional factors that may cause our actual results to differ materially from those described in our forward-looking statements can be found in the Company\u2019s Annual Report on Form 10-K for the year ended December 31, 2018, as well as its other filings with the SEC, which are available on the SEC website at www.sec.gov. Except as required by law, the Company undertakes no obligation to update or revise any forward-looking statements.<\/p>\n","protected":false},"excerpt":{"rendered":"

MVB Financial Corp. Acquires Chartwell Compliance Acquisition Differentiates MVB Fintech with its Commitment to Compliance Excellence (FAIRMONT, W.Va.) Sept. 16, 2019 \u2013 MVB Financial Corp. (\u201cMVB,\u201d \u201cMVB Financial\u201d) (Nasdaq: MVBF), the holding company for MVB Bank, Inc., announced today Chartwell Compliance has joined the MVB family through its acquisition as a wholly-owned subsidiary of MVB <\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[1],"tags":[],"_links":{"self":[{"href":"http:\/\/juliesannex.com\/chartwell\/wp-json\/wp\/v2\/posts\/655"}],"collection":[{"href":"http:\/\/juliesannex.com\/chartwell\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/juliesannex.com\/chartwell\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/juliesannex.com\/chartwell\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/juliesannex.com\/chartwell\/wp-json\/wp\/v2\/comments?post=655"}],"version-history":[{"count":0,"href":"http:\/\/juliesannex.com\/chartwell\/wp-json\/wp\/v2\/posts\/655\/revisions"}],"wp:attachment":[{"href":"http:\/\/juliesannex.com\/chartwell\/wp-json\/wp\/v2\/media?parent=655"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/juliesannex.com\/chartwell\/wp-json\/wp\/v2\/categories?post=655"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/juliesannex.com\/chartwell\/wp-json\/wp\/v2\/tags?post=655"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}