(FAIRMONT, W.Va.) August 4, 2020 – Less than a year ago, MVB Financial Corp. (“MVB,” “MVB Financial”) (Nasdaq: MVBF), the holding company for MVB Bank, Inc., announced that Chartwell Compliance had joined the MVB family through its acquisition as a wholly-owned subsidiary of MVB Bank. Today, Chartwell Compliance has fully integrated into the MVB family and is leveraging the innovative relationship to create unique opportunities on the financial frontier.
“Compliance is one of the intangible strengths – and fears – of the financial services industry,” said Daniel Weiss, President and CEO, Chartwell Compliance. “Compliance doesn’t get discussed a lot as an asset. Together, MVB and Chartwell Compliance have created something unique and innovative, compliance as a profit center instead of a cost center.”
Chartwell Compliance is one of the world’s 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. The team has grown nearly 50% since acquisition and includes some two dozen veterans of fintech companies, banks and regulatory agencies averaging more than 20 years of experience per person.
MVB also has become one of Chartwell’s most important clients, with Chartwell assisting with due diligence and increasing efficiency.
“I am very pleased with the speed of Chartwell Compliance’s integration into MVB,” said Larry F. Mazza, President and CEO, MVB Financial Corp. “We will continue to leverage this competitive advantage that helps reduce risk for MVB’s expanding fintech vertical.”
The convergence of innovation in compliance and fintech and Chartwell’s reputation for regulatory and compliance excellence is resulting in an increased demand for Chartwell’s services. In just the past month, Chartwell reached agreements with 18 different customers for compliance assistance landing banking relationships; state money transmitter, crypto currency and lending licensing acquisition, maintenance and transfer of control responsibilities; and anti-money laundering, consumer protection compliance, and fraud prevention program builds and audits. The company is assisting clients with compliance in Canada, the EU and the Pacific Rim as well.
“Chartwell is a good fit to partner with fintech companies because we can get them to licensing faster than anyone else, allowing them to ramp up more quickly. Until its first customer transaction, a fintech company is really just a dream,” Weiss said. “With our help, everyone wins. Chartwell provides safety and soundness that keeps regulators happy. Companies win because this allows them to grow. Communities win because of the number of jobs created by these new companies. Chartwell and MVB win from the increased revenue created.”
For more information about Chartwell Compliance, visit www.chartwellcompliance.com.
About MVB Financial Corp.
MVB Financial Corp. (“MVB Financial” or “MVB”), the holding company of MVB Bank, Inc., is publicly traded on The Nasdaq Capital Market® under the ticker “MVBF.” Nasdaq is a leading global provider of trading, clearing, exchange technology, listing, information and public company services. Through its subsidiary, MVB Bank, Inc., and the Bank’s subsidiaries, MVB Community Development Corporation, Chartwell Compliance and Paladin, the Company provides financial services to individuals and corporate clients in the Mid-Atlantic region and beyond. Chartwell Compliance is one of the world’s 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. For more information about MVB, please visit http://ir.mvbbanking.com.
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MVB Financial Corp. (the “Company”) 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. When words such as “may,” “plans,” “believes,” “expects,” “anticipates,” “continues,” “may” 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. Additional factors that may cause actual results to differ materially from those described in the forward-looking statements can be found in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019, 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.
VP, Corporate Communications and Marketing
MVB Financial Corp.