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Back of Napkin

MVB Financial Corp. MVBF

Three-pass checkedFilings through Jul 28, 2026; Federal Reserve enforcement actionFresh as companies report

You are paying $391M, about 1.14 times tangible book, for a $3.5B West Virginia bank that turned itself into a deposit utility for sportsbooks and payment companies, and whose two best quarters of the last four came from selling assets rather than from banking.

The hinge is whether that fintech deposit book is a funding advantage or an expense base that eats one, because the same franchise produced a 4.14% margin and a 78% core efficiency ratio in the same quarter.

Key data

Sector / industryFinancials / Banks, Regional
FYE / countryDec / US
Price · 52w range$30.12 · $23.58 to $31.99
Market cap · total assets$391M · $3.5B
Filing anchorQ2 FY2026 (CQ2 2026), filed Aug 5, 2026
Price / tangible book1.14x on $26.52 per share
Deposits · fintech share$3.11B · 40%
Yield · avg daily dollar volumeDiv 2.3% · $1.5M

MVBF · price with moving averages

Daily · 6MWeekly · 3Y
$15$19$23$28$32 Sep '23Apr '24Nov '24Jun '25Jan '26Sep '26 BID
EMAs82140

Source: market data.

The business

MVB Bank is a 403-person, seven-office bank in Fairmont, West Virginia that stopped trying to grow as one. Since 2018 it has rented its charter and its deposit insurance to payment processors, banking-as-a-service platforms and online sportsbooks. When a bettor's balance sits idle at DraftKings between games, a slice of it sits in Fairmont. MVB pays little for those balances, lends them at commercial rates, and bills the partner fees on top. The moat is regulatory: switching sponsor banks means re-papering a compliance stack, so partners stay until they leave all at once.

Inside the complete Back of Napkin

  1. 01The business
  2. 02The numbers
  3. 03Management
  4. 04How it fails or surprises you
  5. 05The shape of the payoff
  6. 06Closing thoughts
  7. 07Methodology

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