FAIRMONT, W.Va.–(BUSINESS WIRE)–The Board of Directors of MVB Financial Corp. (“MVB” “MVB Financial”)
(Nasdaq: MVBF) has elected David B. Alvarez as Chairman of the Board and
has announced the appointment of Cheryl Spielman as a Member of the
Alvarez had served as Interim Chairman since August 2018, following the
death of former Chairman Stephen R. Brooks.
“I am following on the heels of a great chairman who helped lead MVB to
Nasdaq. My greatest responsibility is to continue to build shareholder
value and support our client-driven team members,” Alvarez said.
Alvarez is a recognized owner, business leader and established
entrepreneur who remains active in development, industry and community
work. He earned a Bachelor of Science in Business Administration degree
from West Virginia University. Early in his career, he was instrumental
in growing the family’s business into a well-respected company,
primarily serving the North Eastern natural gas markets and bridge
construction throughout West Virginia. Alvarez has started and grown a
number of successful companies that continue to benefit North Central
West Virginia, Southwestern Pennsylvania and Northern Virginia.
He presently is Vice Chair of the West Virginia University Board of
Governors and a member of the Richmond Federal Reserve Industry
Roundtable. He also serves on the Boards of the Harrison County
Development Authority and Med brook Children’s Charity.
“I welcome Cheryl to the MVB Financial Corp. family and look forward to
working with her as a trusted partner to help propel MVB on its growth
journey,” said Larry F. Mazza, President and CEO, MVB Financial Corp.
“Her strong background and previous board experience will assist MVB as
we continue to expand geographically and in complexity on the financial
A former partner for Ernst & Young, Spielman is an experienced global
human capital tax partner and consultant. She led high impact global
human resources consulting teams to deliver client-focused global human
resources and tax services. She has a strong background in human
resources and tax risk management and employment related issues.
Spielman has been a personal consultant and advisor to CEOs in various
industries, including financial services, consumer products and
entertainment. She has a great deal of financial experience with an
audit background. Upon retirement from Ernst & Young, she served on the
Board of Directors of IPM, a privately held technology systems
integration company, which sold in 2017. From 2017 to 2019, she served
as a member of the Board of Directors of First Republic Bank, which is
headquartered in California.
Spielman was a partner at Ernst & Young U.S., LLP from 1997-2015, where
she led the Human Capital Financial Services practice. From 1989 to
1996, she was an executive with the firm. Previously, she was a tax
professional at Arthur Young & Company. She is a trustee of the Cornell
University Hillel Board and the Women’s Foundation of South Palm Beach
County, a board member of the Koby Mandel Foundation and serves on the
Board of Governors and is Vice President of the Polo Club of Boca Raton,
Fla. She earned a Bachelor of Science degree in 1977 from Cornell
University and an M.B.A. in 1980 from the University of Chicago. She is
also a Certified Public Accountant. She resides in Delray Beach, Fla.
About MVB Financial Corp.
MVB Financial Corp. (“MVB Financial” or “MVB”), the holding company of
MVB Bank, is publicly traded on The Nasdaq Capital Market® under the
ticker “MVBF.” Nasdaq is a leading global provider of trading, clearing,
exchange technology, listing, information and public company services.
Through its subsidiary, MVB Bank, Inc., and the bank’s subsidiaries, MVB
Mortgage and MVB Community Development Corporation, the company provides
financial services to individuals and corporate clients in the
Mid-Atlantic region. For more information about MVB, please visit ir.mvbbanking.com.
MVB Financial Corp. has made forward-looking statements, within the
meaning of Section 27A of the Securities Act of 1933, as amended, and
Section 21E of the Securities Exchange Act of 1934, as amended,
in this Press Release. These forward-looking statements are based on
current expectations about the future and subject to risks and
uncertainties. Forward-looking statements include, without limitation,
information concerning possible or assumed future results of operations
of the Company and its subsidiaries, as well as statements regarding
MVB’s intent to recognize a holding gain on its equity investment in
fintech companies and the anticipated use of the proceeds from such
gains, as well as MVB’s future plans with regard to its fintech line of
business. When words such as “plans,” “believes,” “expects,”
“anticipates,” “continues,” “may” or similar expressions occur in this
Press Release, the Company is making forward-looking statements. Note
that many factors could affect the future financial results of the
Company and its subsidiaries, both individually and collectively, and
could cause those results to differ materially from those expressed in
the forward-looking statements contained in this Press Release. Those
factors include but are not limited to: credit risk; changes in market
interest rates; revaluation of equity investments, including MVB’s
investments in fintech companies; inability to further scale up the
fintech line of business; competition; economic downturn or recession;
and government regulation and supervision. Additional factors that may
cause our actual results to differ materially from those described in
our forward-looking statements can be found in the Company’s Annual
Report on Form 10-K for the year ended December 31, 2018, as well as its
other filings with the SEC, which are available on the SEC website at www.sec.gov.
Except as required by law, the Company undertakes no obligation to
update or revise any forward-looking statements.
VP, Corporate Communications and Marketing