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Today, MVB Financial Corp. (NASDAQ:MVBF), a $251 million market cap financial institution currently trading at $19.21 per share, announced the appointment of Rick Cordella to its Board of Directors. Cordella, who currently serves as the President of NBC Sports, brings extensive experience in digital media and sports broadcasting to the board. According to InvestingPro analysis, MVB Financial maintains a strong financial health score of "GOOD" and has consistently paid dividends for 18 consecutive years.
Cordella has been with NBC Sports since 2006, taking on various leadership roles, including Executive Vice President and General Manager of NBC Sports Digital. He became President of NBC Sports in September 2023, where he oversees NBC Olympics, Golf Channel, NBC Sports Digital, GolfNow, and SportsEngine. Cordella has been instrumental in expanding NBC Sports’ digital presence, leading initiatives such as NBC Sports Gold and NBCOlympics.com, and was a key figure in the launch of the Peacock streaming service.
In addition to his professional achievements, Cordella was recognized in Sports Business Journal’s "Forty Under Forty" list in 2012 and 2014. He holds a Bachelor of Science in Business Management with a minor in Computer Science from Providence College and an MBA from Boston College.
MVB Financial stated in the SEC filing that Cordella’s appointment did not involve any transactions reportable under Item 404(a) of Regulation S-K, and there were no arrangements or understandings pursuant to which he was appointed. Cordella will receive the same compensation and benefits as other non-employee directors of MVB Financial.
This announcement was made via a press release from MVB Financial, which is headquartered in Fairmont, West Virginia. The company operates as a state commercial bank under the classification of state commercial banks. Trading at an attractive P/E ratio of 13.6 and offering a dividend yield of 3.54%, MVB Financial shows promising fundamentals. InvestingPro analysis suggests the stock is currently undervalued, with additional metrics and insights available to subscribers. Get access to more detailed analysis and 5+ additional ProTips by visiting InvestingPro.
In other recent news, MVB Financial Corp. has announced a $10 million stock buyback program. The initiative is designed to repurchase up to $10 million of its common stock through various transactions, including open-market and privately negotiated deals. This program is expected to begin in May 2025 and will proceed until the allocated funds are exhausted or the program is otherwise concluded. CEO Larry F. Mazza emphasized that the company’s strong capital position enables this buyback strategy, which aims to enhance shareholder value. The decision to initiate the repurchase is influenced by market conditions, stock price, trading volume, and other corporate and regulatory factors. MVB Financial, which operates in the financial services sector, has highlighted that these plans are forward-looking and subject to risks and uncertainties. The company has cautioned that actual outcomes may vary due to factors such as market conditions, economic shifts, and regulatory changes. This development is part of MVB Financial’s ongoing financial strategies and market operations.
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