Middletown Valley Bank Goes Public through OTC Pink Market
Middletown Valley Bank has announced their common stock is now trading on the OTC Pink Market exchange under the ticker symbol MNVB. With this listing, shareholders will more easily find the current market value of the bank’s stock and are able to hold the stock personally, with a local broker, or with an online brokerage. The move continues the 110-year-old bank’s strategic plans to grow into a premier community bank serving businesses and consumers, primarily in the Frederick and Washington County markets, while maintaining local ownership and control.
“The response from the communities we serve has been tremendous, with our neighbors being excited to be our customers and shareholders,” said BJ Goetz, President/CEO of Middletown Valley Bank. “The addition of the OTC Pink listing is designed to broaden the appeal of our stock to additional local investors and to provide more ease to current shareholders trading our stock.” The firm of Boenning and Scattergood has been selected as the market maker for the bank’s stock.
Since 2013, Middletown Valley Bank has made significant investment in infrastructure to support its organic growth rate, which was number one in the state of Maryland in 2017. Fifty-five new jobs have been created in that time. The bank’s now 92 employees support a substantial commercial and consumer lending effort and six growing area branches. Total deposits grew $182.6 million since 2013, and the bank’s first Hagerstown branch eclipsed $112 million in deposits after being open just 27 months. A second Hagerstown branch is slated to open in late 2018.
Middletown Valley Bank has built a reputation for providing the Absolutely Exceptional Experience and is quite invested in giving back to the communities it serves. According to Goetz, “The Pink listing should improve the investment experience for our shareholders. Our long-term goals include not only growth to realize economies of scale, but value creation for our shareholders. Going public was a logical step toward that end.”
About Middletown Valley Bank
Middletown Valley Bank is a full-service community bank headquartered in Middletown, Maryland with six office locations in Frederick and Washington Counties of Maryland. As of December 31, 2017, Middletown had total assets of approximately $361.2 million, total net loans of $280.2 million, total deposits of $315.9 million, and shareholders’ equity of $43.4 million. For more information, visit mvbbank.com.
About Boenning & Scattergood
Boenning & Scattergood makes markets in more than 250 banks and thrifts in the Midwest & Mid-Atlantic Regions, ranging in size from super community banks whose shares trade daily, to the smallest “private” non-reporting banks that trade only a few times a year. Our market making capabilities allow us to provide meaningful market intelligence, liquidity, price stability and aftermarket support for clients. Boenning & Scattergood is approved as a Corporate Broker for Banks on the OTCQX® marketplace. Visit boenninginc.com to learn more.
Tom Dooley Nick Bicking
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This press release may contain forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements can generally be identified by the use of forward- looking terminology such as “believes,” “expects,” “intends,” “may,” “will,” “should,” “anticipates” or similar terminology. Such statements, specifically regarding the Company’s intentions regarding transparency, growth and market expansion, are subject to risks and uncertainties that could cause actual results to differ materially from future results expressed or implied by such forward-looking statements. Potential risks and uncertainties include, but are not limited to, changes in interest rates, stock market liquidity, deposit flows, loan demand and real estate values, as well as changes in economic, competitive, governmental, regulatory, technological and other factors which may affect the Company specifically, its existing and target market areas or the banking industry in general. The realization or occurrence of these risks or uncertainties could cause actual results to differ materially from those addressed in the forward-looking statements.