MVB Financial announces executive changes as president departs

FAIRMONT, W.Va. - MVB Financial Corp. (NASDAQ:MVBF), a $306 million market cap regional bank with a solid financial health score according to InvestingPro, announced Thursday that Donald T. Robinson will step down from his position as President and Chief Financial Officer of the company and its subsidiary MVB Bank, effective July 14, 2025.

Following Robinson’s departure, CEO Larry F. Mazza will reassume the role of President while maintaining his current responsibilities. The company, which has maintained dividend payments for 18 consecutive years and currently offers a 2.9% dividend yield, has appointed Michael R. Sumbs as Executive Vice President and Chief Financial Officer, and Jonathan T. Logan as Chief Accounting Officer.

Robinson, who has been with MVB for 15 years, will remain available throughout the next year to provide consulting and support during the transition.

Sumbs joins MVB from Raymond James & Associates, Inc., where he most recently served as a Director in the financial services practice. With over 15 years of experience in the financial sector, his previous roles include positions at Macquarie Capital, Yadkin Financial Corporation, and Keefe, Bruyette & Woods, Inc. Sumbs holds a B.S. in Business Administration from the University of Richmond and an MBA from Duke University.

Logan comes to MVB from William Penn Bank, where he worked as Executive Vice President and Chief Financial Officer since 2020. Prior to that, he served in a corporate controller capacity at Beneficial Bank. Logan is a Certified Public Accountant with a B.S. in accounting from Susquehanna University.

"We wish Don well in his next chapter and sincerely thank him for all his contributions to MVB over the years," said Mazza in the company’s press release statement.

The executive changes will take effect on July 14, 2025. The stock has shown strong momentum with a 33% return over the past six months, trading at a P/E ratio of 15.9. InvestingPro analysis suggests the stock is currently in overbought territory, with several additional insights available to subscribers.

In other recent news, MVB Financial Corp. has announced plans to initiate a $10 million stock buyback program. This initiative is designed to enhance shareholder value and will begin in May 2025, continuing until the funds are fully utilized or the program is otherwise concluded. The repurchase will be conducted through open-market transactions, block transactions, and privately negotiated deals, guided by regulatory frameworks. Additionally, MVB Financial has appointed Rick Cordella, President of NBC Sports, to its Board of Directors. Cordella brings significant expertise in digital media and sports broadcasting, having played a key role in expanding NBC Sports’ digital presence. The company has stated that Cordella will receive the same compensation and benefits as other non-employee directors. These developments reflect MVB Financial’s strategic focus on strengthening its market position and leadership team.

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