MVB Bank sells four retail branches for $17.6M in sale-leaseback; expects $11.8M gain

MVB FINANCIAL CORP

Aggregate purchase price of four properties is $17.6 million; pre-tax gain of approximately $11.8 million.
Bank enters 15-year triple-net lease with $1.5M annual base rent, escalating 2% per year.
MVB Financial Corp. guarantees the lease; no branches close and no markets exited.
Depreciation offset and investment of proceeds expected to partially offset first-year rent expense of ~$1.5M.

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