FAIRMONT (AP) — West Virginia-based MVB bank has announced that it is buying Potomac Mortgage Group.
The bank, which is based in Fairmont, said it will pay $19 million in cash and MVB common shares for the northern Virginia residential mortgage company. The Charleston Gazette reports that the transaction will close before the end of the year, pending regulatory approvals and other customary closing conditions.
Potomac Mortgage Group has offices in Fairfax, McLean and Reston.
PMG chief executive Ed Dean will oversee MVB’s mortgage operations.