Business briefs - March 24

March 24, 2013

MVB Financial Corp.

FAIRMONT, W.Va. — MVB Financial Corp. and its subsidiary bank, MVB Bank Inc., recently announced quarterly results for the period ending Dec. 31, 2012.

Fourth-quarter 2012 net income of $1.44 million increased by 98 percent compared to net income of $727,000 in the fourth quarter of 2011. Results for the fourth quarter of 2012 include the addition of Potomac Mortgage Group Inc., the acquisition of which was immediately accretive to MVB’s fourth-quarter earnings.

MVB’s net interest income was $3.9 million for the fourth quarter of 2012, an increase of $700,000, or 19 percent, from the same time period in 2011. The increase was driven mainly by the continued growth of MVB’s balance sheet, with $92.5 million in average loan growth and a significant demand in refinancing created by low mortgage rates.

Interest expense of $1.2 million in the fourth quarter of 2012 was comparable to the fourth quarter of 2011. Total interest income in the fourth quarter of 2012 was $4.6 million, an increase of $631,000, or 16 percent, compared to the fourth quarter of 2011, due primarily to continued growth in loan volume. Expenses increased by 40 percent, primarily as a result of funding and implementation of growth initiatives, as well as costs related to the acquisition of PMG.

For the full year 2012, net income reached $4.2 million, a 54 percent increase compared to the same period in 2011. Loan growth in 2012 increased by 19 percent compared to 2011. MVB’s total assets grew by 36 percent to $727 million in 2012. Deposits totaled $486.5 million for the 12 months of 2012, an increase of $80.7 million since Dec. 31, 2011.

Meritus Health

Washington County’s largest medical laboratory system — formerly Hagerstown Medical Lab — changed its name March 1 to Meritus Medical Laboratory to reflect its role in Meritus Health.

“As part of the Meritus Health family, we are thrilled to announce our change in name, but not in mission or service,” Dr. John Newby, medical director of Meritus Medical Laboratory, said in a news release.

The lab includes nine locations across Washington and Frederick counties in Maryland. The sites, called patient service centers, serve patients from Pennsylvania, West Virginia and Maryland.

Advantage Homes

GERMANTOWN, Md. — Advantage Homes, a new-home builder in Maryland, recently launched a new website,

The redesign offers quicker and easier navigation, and a number of new options for viewing and selecting new-home features.

Working in collaboration with Hagerstown marketing firm Power Marketing LLC, Advantage Homes’ redesigned website features a floor plan search where users can browse Advantage’s new homes in Maryland by features like location, price range and number of rooms. Users also can also browse the photo gallery directly from the floor plan page, as well as the gallery tab on the top navigation bar.

Potomac Edison

Potomac Edison is extending its cash bonus incentives to businesses, government, institutional and not-for-profit customers who install high-efficiency equipment through March 31.

Customers must apply online to Potomac Edison’s Non-Standard Lighting for Business Program, or NSLB, or Custom Program, and receive approval by March 31 to be eligible for cash bonuses.

The incentives encourage customers to install high-efficiency lighting and other energy-efficient equipment. The incentives help pay for equipment costs, enhancing business’ value, delivering energy savings and reducing maintenance costs.

The current incentive for the NSLB and Custom Programs is $0.05 per kilowatt-hour saved. Those who submit an application and receive approval by March 31 will receive a $0.02 per kilowatt-hour bonus.

To apply, go to, and go to the For Your Business section. Click on the Lighting Programs or Custom Program links to go to the Business Programs website, where the application can be filled out. The NSLB application can be found under the Lighting Programs green tab on the business program website.

The Herald-Mail Articles