MVB Financial Corp. ($MVBF) Commences Modified Dutch Auction Tender Offer to Repurchase up to $45.0 Million of its Common Stock

We did a bunch of posts [1,2,3,4] on small banks last month. In our post, "Small Bank Share Cannibals," we mentioned MVB Financial (MVBF) as a share repurchaser.

Just this morning, MVBF announced a giant share repurchase:

a modified “Dutch auction” tender offer (the “Tender Offer”) to purchase, for cash, up to $45.0 million of its common stock (the “Common Stock”) at a price per share not less than $18.00 and not greater than $20.25, less any applicable withholding taxes and without interest. The Company intends to purchase the shares using available cash on hand and proceeds from an anticipated private placement of subordinated notes to certain institutional accredited investors. On November 16, 2020, the closing price of the Common Stock was $18.50 per share. The Tender Offer will expire at 5:00 p.m., New York City time, at the end of the day on December 18, 2020, unless extended or terminated.  If the Tender Offer is fully subscribed, the Company will purchase between 2,222,222 shares and 2,500,000 shares, or between 18.8% and 21.2%, respectively, of the outstanding Common Stock as of November 5, 2020

The top end of this tender price range is 107% of September 30, 2020 tangible book value.