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Business briefs - Dec. 13

December 23, 2012

MVB Financial Corp.

FAIRMONT, W.Va. — MVB Financial Corp. recently announced it has reached an agreement to purchase the northern Virginia residential mortgage company Potomac Mortgage Group LLC, which has offices in Fairfax, McLean and Reston, Va.

MVB will purchase PMG for approximately $19 million in cash and MVB common shares.

The addition of PMG is expected to be accretive to MVB’s earnings beginning in the first quarter of 2013.

PMG will retain its identity and will become a wholly-owned subsidiary of MVB Bank Inc.

With the addition of PMG’s annual production of mortgages, MVB Bank and PMG are expected to become a $1 billion mortgage production unit at a time when MVB Bank is experiencing record mortgage lending.

PMG was rated in the top 100 mortgage companies in the country in 2011, based on mortgage loan production.

Millennium Financial Group Inc.

MIDDLETOWN, Md. — Millennium Financial Group Inc., doing business as Mlend, a mid-Atlantic, regional retail mortgage lender, and Dan Ryan Builders recently announced a strategic alliance.

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Both companies are based in Frederick County, Md., and have nearly identical geographic footprints in terms of where they transact business. As a result of the alliance, Mlend will become the preferred mortgage lender for Dan Ryan Builders’ new housing developments in Maryland, Virginia, West Virginia, and Pennsylvania.

“We believe that our expertise in originating, underwriting and funding mortgage loans for home purchase transactions will bring tremendous value to home-buyer clients and the Dan Ryan Builders team,” said William Poffenbarger, president of Mlend.

“We are most excited for our Dan Ryan Builders’ divisions because Mlend’s organizational structure and capabilities will result in a broader portfolio of products and enhanced service for us and our future homeowners,” said Dan Ryan, president and chief executive of Dan Ryan Builders.

Housing Authority of Washington County

The Housing Authority of Washington County, or HAWC, was presented an award for excellence in innovation at the annual meeting of the Maryland Asset Building and Community Development Network Inc. on Dec. 6 at the Turf Valley Resort in Ellicott City, Md.

The HAWC recently converted all 80 of its public-housing units to 80 units of tenant-based Section 8 rental assistance, thus reducing the regulatory burden while increasing cash flow available for future affordable-housing development.

Using a little-used government regulation, HAWC was able to demonstrate to the U.S. Department of Housing and Urban Development’s satisfaction that the federal government would save money in the long run while satisfying the asset-management criteria of preservation of the assisted-housing resources; generation of more than $50 per unit per month in additional revenue that can be used for capital improvements or for other housing-development initiatives; happier residents who prefer the Section 8 model; and happier staff, now free of the HUD requirements unique to public housing. Final HUD approval was granted Nov. 8, 2011, and Feb. 1, 2012, was the implementation date for its voluntary conversion.

The bottom line is that the HAWC’s former public-housing residents can move with their rental assistance, and HAWC now has more money for capital improvements and other housing development.

AAA

MARTINSBURG, W.Va. — After nearly 35 years in downtown Martinsburg, AAA has relocated to The Commons, off exit 12 of Interstate 81.

The auto club’s story in Martinsburg began in the spring of 1978. James Bruhn, manager of the Northern West Virginia Auto Club, headquartered in Morgantown, W.Va., recognized the opportunities provided by the growing Eastern Panhandle.

An office was leased on West Martin Street and Kelley Lowry, former representative of West Virginia Gov. Arch Moore’s Martinsburg office, was hired as AAA Martinsburg’s branch manager.

The summer of 1985 saw the auto club relocate to North Queen Street in what had formerly been a jewelry store. AAA remained there until its Dec. 1 move to The Commons.

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