Source: MVB FInancial
MVB Financial Corp. (“MVB,” “MVB Financial”) (Nasdaq: MVBF), the holding company for MVB Bank, Inc., announced today Chartwell Compliance has joined the MVB family through its acquisition as a wholly-owned subsidiary of MVB Bank.
The move further reinforces MVB’s 3.0 strategy of seeking “blue ocean” opportunities and differentiates MVB’s expanding Fintech vertical with its commitment to regulatory and compliance excellence.
Headquartered in Bethesda, Md., Chartwell Compliance provides integrated regulatory compliance, state licensing, financial crimes prevention and enterprise risk management services that include consulting, outsourcing, testing and training solutions. It is one of the world’s leading specialist firms in state and federal compliance and market entry facilitation for firms entering into or expanding in North America, serving many of the most high-profile providers of the Fintech industry, such as commercial bill pay solution providers, crypto currency and blockchain innovators, publicly-traded online marketplaces, money services businesses, venture capital firms, Fintech banks, third party payments processors and financial accounting software providers.
Chartwell Compliance will retain its name and mission. Daniel Weiss, founder, will remain as President and CEO of Chartwell. Chartwell’s 20 professionals from money services businesses, payments processors and state and federal financial regulation will continue to serve their clients across the nation and beyond with immediate plans to grow and expand services.
“Chartwell Compliance consistently provides world-class compliance consulting and has formed a specialty niche serving hundreds of clients in the Fintech industry, which aligns with MVB as the preferred bank for Fintech companies. With our shared vision of the future of financial services, respect for compliance, regulation, safety and soundness and belief in doing the right things, MVB Bank and Chartwell Compliance are a perfect fit as trusted partners. With this synergy, our relationship will bring new ‘blue ocean’ opportunities for both MVB and Chartwell,” said Larry F. Mazza, President and CEO, MVB Financial Corp. “Additionally, with Chartwell we have turned a traditional banking cost center into a profit center that will benefit MVB, our clients and our shareholders.”
As a stand-alone subsidiary of MVB Bank, Inc., Chartwell Compliance will expand its services to both Fintech clients and bank. Chartwell will coordinate with MVB Bank’s current compliance officers and be charged to help create and implement strategy and provide expert compliance resources to aid MVB in carrying out stringent and faster new client due diligence. Chartwell also will conduct enhanced monitoring and testing of clients.
“Through this win-win acquisition, MVB Bank and its clients get a fully-baked compliance solution and one of the world’s best-known Fintech compliance houses, while Chartwell Compliance and its clients get a mature financial institution specialized in Fintech,” said Daniel Weiss, President and CEO, Chartwell Compliance. “With this new phase of our Chartwell Compliance lifecycle, we gain both for ourselves and for MVB Bank an instant, hard-to-replicate edge over competitors, an extraordinary new client for us and resource for our clients in the form of MVB Bank, connections to new Fintech clients and opportunities for upward mobility on a personal level for our professionals. It is as if we have fulfilled our long-sought goal of one day having our own Fintech bank, without having to go through the legwork of forming and capitalizing one.”
Squires Patton Boggs (US) LLP provided legal representation to MVB. Tomlinson Advisory Group advised Chartwell Compliance.