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Business briefs - Aug. 26

August 26, 2012

MVB Financial Corp.

FAIRMONT, W.Va. — MVB Financial Corp. and its bank-holding company, MVB Bank Inc., announced on Aug. 14 its quarterly results for the period ending June 30.

Second-quarter 2012 net income of $817,000 increased by 28.4 percent compared to the second quarter of 2011.

MVB’s net interest income was $4.2 million for the second quarter of 2012, an increase of $857,000, or 25.7 percent from the same time period in 2011 resulting, in part, from continued firm commercial loan demand, as well as in mortgage lending, including a spike in refinancing created by historic low 30-year mortgage rates.

Deposits increased by $108.8 million, or 31.2 percent, to $458 million for the first six months of 2012 compared to the first half of 2011.

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Despite the continued gain in deposits, interest expense decreased by $16,000 to $1.2 million in the second quarter of 2012. Total interest income in the second quarter of 2012 was $5.4 million, an increase of $841,000, or 18.4 percent compared to the second quarter of 2011 due primarily to continued growth in loan volume.

MVB also recently announced plans to open the first of four new branches during the next year.

This fall, MVB Bank will open the first new branch in downtown Clarksburg, W.Va.’s historic district, the first new bank branch to open in Harrison County’s financial hub in 15 years.

Other new branches are planned for Morgantown, Fairmont and Martinsburg, W.Va.

Susquehanna Bank

Representatives from Susquehanna Bank recently presented a $1,000 donation to the 2012 Mason Dixon Heart and Stroke Walk.

The event, scheduled to take place Sunday, Sept. 23, in Greencastle, Pa., helps promote healthier lifestyles while also creating heart disease and stroke awareness.

For more information about the walk, call Sharon Strike at 717-263-2870, ext. 4261, or send an email to sharon.strike@heart.org.

Wright Manufacturing Inc.

FREDERICK, Md. — Wright Manufacturing Inc. recently announced a design and manufacturing arrangement with Deere & Co.

Beginning with the 2013 season, Wright will manufacture a range of best-in-class commercial stand-on mowers bearing the John Deere brand using Wright’s patented technology. Deere will distribute and support the mowers through its worldwide network of independent dealers.

Wright Manufacturing Inc. invented the stand-on lawn mower, and manufactures a complete line of stand-on, walk-behind and midmount zero turn mowers that are distributed worldwide.

For more information, go to www.wrightmfg.com.

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