MVB Financial to sell Victor Technologies to Jack Henry for $33M

MVB Financial (MVBF) announced that it has signed and closed a definitive agreement to sell substantially all assets and operations of Victor Technologies to Jack Henry & Associates (JKHY) effective September 30. The transaction is expected to generate a pre-tax gain of approximately $33M to MVB, delivering significant returns on a Fintech company founded just four years ago in 2021 and incubated within MVB. The transaction is expected to be accretive to MVB’s earnings per share, driven by improved cost structure and lower overhead expense going forward. In addition, the transaction will provide MVB with greater flexibility to pursue certain balance sheet and capital management strategies, which may include a repositioning of some portion of the available-for-sale securities portfolio, share repurchases and/or other capital and earnings optimization strategies.