MVB Financial Corp.'s board approved a stock repurchase program, under which the company may buy back up to $5 million of its outstanding common shares over the next 12 months or until the purchase is fully absorbed, whichever date comes first.

Shares may be repurchased on the open market or in privately negotiated transactions.

The Fairmont, W.Va.-based company has about 11.8 million shares of common stock issued and 11.7 million shares of common stock outstanding. The shares authorized for repurchase under the program represent about 2.6% of the company's issued shares and 2.7% of its outstanding shares of common stock, according to a news release.