Magazine : Archives : 2nd Quarter 2023
MVB’s Mission To Reach 1 Billion Customers
In 2016, MVB Financial Corp. faced a “change or die” moment, says CEO Larry Mazza. The Fairmont, West Virginia-based bank’s net interest margin had crumbled and stood one percentage point below competitors. Deposit growth had slowed as well, from 23% year-over-year in 2015 to 9.4% in 2016. “We realized, as a bank, it’s much harder to get deposits than it is to get loans,” says Mazza. “On a deposit, the bank needs the client. We need to pry that deposit away from you and try to get it into the bank. It’s a much harder sale.” MVB did not have...
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