MVB Financial in Fairmont, W.Va., has acquired a software development firm.
The $2.3 billion-asset MVB said in a press release Monday that its bank bought a majority stake in Trabian Technology in Fishers, Ind. MVB did not disclose the price it paid.
Trabian, founded in 2003, builds digital products, along with web and mobile applications, for community banks, credit unions, digital banks and fintechs.
The acquisition “will significantly enhance our expanding fintech vertical,” Larry Mazza, MVB’s president and CEO, said in the release.
“Trabian’s well-established reputation and nearly two decades of fintech experience carry with it a leading role in the financial services ecosystem and an established book of business,” Mazza added. The deal will add “a new revenue stream and profit center and technological expertise that will benefit MVB and all of our stakeholders.”
Trabian will provide more products and services to MVB’s existing fintech clients. The software company will also play a role in MVB’s developing business serving venture capital customers.
Matt Dean, Trabian’s CEO, will retain that position. Trey Reeme, Trabian’s chief operating officer, will serve as the firm’s president.
MVB, which invests in fintech companies, has acquired a number of businesses that focus on that industry.
The company in September 2019 bought Chartwell Compliance,
Taft Stettinius & Hollister advised Trabian. Squire Patton Boggs advised MVB.
