Fairmont, W.Va.-based MVB Financial Corp. acquired Bethesda, Md.-based Chartwell Compliance, a provider of regulatory compliance, state licensing, financial crimes prevention and enterprise risk management services.
The purchase price consisted of 54,870 unregistered shares MVB common stock and an undisclosed amount of cash. MVB will also make earn-out payments to sellers Daniel Weiss and Nora Weiss in an aggregate amount of up to 109,740 common shares if certain financial targets are met.
Chartwell Compliance will retain its name and founder, Daniel Weiss, will remain as president and CEO.
Squires Patton Boggs LLP provided legal representation to MVB. Tomlinson Advisory Group advised Chartwell Compliance.
