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West Virginia bank fails

The FDIC has announced that The First State Bank, Barboursville, West Virginia, was closed on April 3, 2020, by the West Virginia Division of Financial Institutions. The FDIC was named Receiver. MVB Bank, Inc., of Fairmont, West Virginia, acquired all deposit accounts.

The First State Bank had experienced longstanding capital and asset quality issues, operating with financial difficulties since 2015. The bank's December 31, 2019 financial reports indicated capital levels were too low to allow continued operations under federal and state law.

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