FAIRMONT, W.Va. -- Fairmont-based MVB bank will purchase Potomac Mortgage Group, the company announced Monday.MVB will buy the northern Virginia residential mortgage company for $19 million cash and MVB common shares, according to a statement from the bank.Potomac Mortgage Group has offices in Fairfax, McLean and Reston, Va.The transaction will close before the end of the year, pending regulatory approvals and other customary closing conditions.
PMG CEO Ed Dean and his management team will continue to operate the mortgage subsidiary. Dean will also oversee MVB's total mortgage operations.MVB CEO Larry Mazza said the addition of PMG's mortgage business will strengthen his company's success in the retail mortgage lending arena."In my opinion northern Virginia is one of the best markets for mortgage banking in the country and we are ecstatic to be in this growing and vibrant area," Mazza said in a prepared statement. "MVB is very familiar with Ed Dean as we have known and worked together with him for more than 20 years in various banking relationships and with PMG."