MVB Bank’s parent company MVB Financial (MVB) has signed a definitive merger agreement to buy Integrated Financial Holdings (IFH) in an all-stock deal valued at approximately $98m.

According to merger terms, IFH shareholders will be eligible to receive 1.21 shares of MVB common stock in exchange for each share of IFH common stock held.

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Through the deal, MVB hopes to expand its government-guaranteed lending business.

IFH owns five entities, including West Town Bank & Trust (WTBT) and Windsor Advantage (Windsor).

As of 30 June 2022, WTBT had around $435m in assets, $326m in loans and $334m in deposits. Its government-guaranteed lending team is said to have originated over $1bn in loans since 2018.

Windsor on the other hand offers an SBA and USDA lending platform to financial institutions servicing around $2.1bn in loans.

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The board of directors of both IFH and MVB have approved the deal, which is expected to complete in the first quarter of 2023, subject to receipt of regulatory approval.

MVB Financial CEO Larry Mazza said: “This acquisition accelerates both our SBA and Strategic Lending Partnerships growth vehicles to the benefit of our clients and shareholders. Both strong companies on our own, together we become a national leader in government guaranteed lending, specifically SBA and USDA lending.”

As per the agreement, IFH president and CEO Eric Bergevin will join MVB’s executive leadership team and report directly to Mazza.

Bergevin said: “We are excited to embark on this strategic alliance with MVB to create what we believe will be an industry-leading juggernaut in government-guaranteed lending.

“The merger represents two organizations with shared entrepreneurial-minded philosophies around the idea of synergy.”