Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

On January 17, 2022, the Board of Directors of MVB Financial Corp. (the "Company") expanded the number of directors to 10 and appointed Daniel W. Holt as a director to fill the newly created vacancy, effective as of January 17, 2022. Mr. Holt will serve as a director until the next annual meeting of shareholders, at which time he may be nominated to stand for re-election for a term to be specified at such annual meeting of shareholders. Mr. Holt was appointed to serve as a member of the Nominating and Corporate Governance Committee of the Company.

Mr. Holt is a Co-Founder and the Chief Executive Officer of BillGO, Inc. ("BillGO") a bill payment engine that offers real-time payments, revenue and automation to payment providers. Under his leadership, BillGO has become the top bill payments engine in the financial industry. After serving eight years in the U.S. Air Force, Mr. Holt held several leadership positions in Silicon Valley. For eight years, his team at HEIT built the leading cloud services company for the financial industry. Upon the acquisition of HEIT by Computer Services, Inc. ("CSI"), Mr. Holt led CSI's technology and services as President and General Manager. During his tenure, CSI became the largest secure banking cloud for community banks and credit unions.

Mr. Holt previously served on MVB's Board of Directors from 2017 to 2021. Mr. Holt has also served on boards for Allied Payment Network, Dragnet Solutions and Community Funded, and he mentors students in Colorado State University's Entrepreneurship Program. He earned certifications as a Project Management Professional, Certified Information Systems Security Professional and GIAC Systems and Network Auditor. He is also part of the Fed Secure Payments Task Force. Mr. Holt holds a bachelor's degree from the University of Maryland and an MBA from Colorado State University.

The Company and its subsidiary, MVB Bank, Inc. (the "Bank") have certain relationships with Mr. Holt and with BillGO, of which Mr. Holt is Co-Founder and CEO. Mr. Holt currently maintains certain personal deposit accounts with the Bank. The Bank also maintains a commercial lending relationship with BillGO originally established in 2017, providing BillGO with a line of credit secured by a deposit account maintained by BillGO with the Bank. The line of credit with BillGO and Mr. Holt's deposit accounts were entered into in the ordinary course of business and on substantially the same terms (including interest rates and collateral) as those prevailing at the time for comparable transactions with unrelated parties. The Company's management believes that these banking relationships do not involve more than the normal business risk of collection or include any unfavorable features. Since 2016, the Company and the Bank have made periodic debt and equity investments in BillGO. During the year ended December 31, 2021, the Company and the Bank collectively purchased $2.5 million in convertible debt of BillGO, increasing their aggregate total investment in BillGO to approximately $10.1 million.

There were no arrangements or understandings pursuant to which Mr. Holt was appointed as a director. Mr. Holt will be entitled to the same compensation and benefits made available to the Company's non-employee directors generally. A copy of the press release is attached as Exhibit 99.1 to this Current Report.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits.

99.1 Press release of MVB Financial Corp. dated January 20, 2022 104 Cover Page Interactive Data File (embedded within the Inline XBRL document)

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