MVB FINANCIAL CORP 8-K

What Happened

• MVB Financial Corp (MVBF) announced in an 8‑K that on March 2, 2026 it redeemed all $40.0 million aggregate principal of its 4.25% Fixed‑to‑Floating Rate Subordinated Notes due 2030. At redemption the notes paid a variable rate reset quarterly at three‑month term SOFR + 401 basis points (7.67% as of March 2, 2026). The notes had been structured to qualify as Tier 2 regulatory capital. The redemption was funded by a $20.0 million draw on MVB’s revolving line of credit and cash on hand. The 8‑K was filed March 3, 2026 and was signed by CFO Michael R. Sumbs.

Key Details

• Total redeemed: $40.0 million principal of subordinated notes due 2030.
• Coupon structure at redemption: Fixed‑to‑Floating; floating = 3‑month SOFR + 401 bps (7.67% on Mar 2, 2026).
• Funding for redemption: $20.0 million revolver draw + cash on hand.
• Capital treatment: Notes qualified as Tier 2 regulatory capital prior to redemption.

Why It Matters

• The redemption eliminates $40.0M of subordinated debt that counted as Tier 2 capital, which can affect MVB’s regulatory capital composition and metrics reported in upcoming filings.
• Using a $20.0M credit draw plus cash to pay the redemption impacts near‑term liquidity and borrowing; investors should watch upcoming balance sheet and liquidity disclosures for changes.
• Removing a relatively high‑cost floating liability (≈7.67% at redemption) may reduce future interest expense, but the filing does not state any replacement financing or capital raise.