Integrated Financial Holdings Inc (OTCMKTS:IFHI) Stock In Focus After Recent News
On Tuesday MVB Financial Corp and Integrated Financial Holdings Inc (OTCMKTS:IFHI) were in focus after it emerged that the two companies had mutually agreed to cancel the merger agreement that they had previously agreed back on August 12, 2022.
Trading Data
On Tuesday, IFHI stock ended flat at $20 with more than 57 shares, compared to its average volume of 653 shares. The stock moved within a range of $20.00 – 20.00 after opening trade at $20.00.
MVB Financial Corp. and Integrated Financial Holdings, Inc. Announce Termination of Merger Agreement
The board of director of both companies approved the termination agreement for the merger. The merger was cancelled due to the dramatic changes in the conditions of the banking industry and also due to the significant delay in the regulatory processes. None of the two companies would have to pay any fees for the termination of the agreement.
The Chief Executive Officer of MVB Financial, Larry F Mazza, noted that the changes in the market conditions in the banking space had prompted the termination of the agreement. That being said, he also noted that MVB Financial was going to continue to work with Windsor Advantage, a fully owned subsidiary unit of Integrated Financial Holdings. He concluded by saying that the diversified business model of MVB kept its balance sheet strong despite the challenges in the market at this point in time. MVB is an innovative financial holding company and is traded publicly on The NASDAQ Capital Market.
