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MVB News
MVB Reports Record Growth & Higher Earnings 10/28/2017

RED BLUFF, Calif. - October 28, 2017 - MVB (OTCBB:MIVB) today reported earnings for the first nine months of 2017 continued to be significantly improved in comparison to the same period last year. Net Income for the period was $931,320 (after costs of its pending merger into PremierWest Bancorp discussed below) or $.78 per diluted share compared to a loss of $.76 per diluted share for the prior year's period. Total Assets at September 30, 2017 reached a record $180.5 million. At period end, net loans totaled $111.0 million, down slightly from last year. Total deposits of $167.3 million were 6% higher than a year ago.

On September 15, 2017, MVB entered into a definitive agreement to be merged with and into PremierWest Bancorp. The transaction is valued at approximately $25 million in cash and PremierWest stock to Mid Valley shareholders. The transaction is expected to close in the first quarter of 2017. Costs expensed for this transaction during the third quarter were $10,000, on a pre-tax basis.

John B. Dickerson, Chairman & CEO of MVB stated, "Our steady deposit growth has driven us to over $180 million in total assets and loan quality has stabilized. As a result, we continue to see significant improvement in earnings versus last year. Net interest income and non-interest expenses, inclusive of merger related expenses, also continue to reflect positive trends.”

Net interest income for the nine-month period totaled $5.6 million, up from $5.3 million last year. Non-interest income was $854,000 compared to $915,000 last year. Non-interest expenses were down 2.7% from last year's comparable period. The bank added $635,000 to its reserves for loan losses during the first three quarters of 2017, compared to $3.4 million during the first nine months of 2017. Reserves for loan losses totaling $3.7 million at quarter-end represented 3.2% of gross loans.

MVB is a locally owned, community bank serving Northern California from five full service offices in Red Bluff, Redding, Corning and Chico. The bank focuses on real estate and commercial lending to the business and the professional community. Consumer financial services, as well as various non-insured investment and insurance products are also available. More information about the bank can be obtained at its website, www.midvalleybank.com. MVB stock is traded on the OTCBB under the stock symbol MIVB.

This report contains certain forward-looking statements that are subject to risks and uncertainties, many of which are beyond the control of MVB, that could cause actual results to differ materially from those reflected in those statements. These forward-looking statements are based on management's assumptions and projections, and are sometimes identifiable by use of the words, "expect to," "plan," "will," "believe" and words of similar predictive nature. Because management's assumptions and projections are based on anticipation of future events, you should not place undue emphasis on forward-looking statements. You should anticipate that our actual performance may vary from these projections, and variations may be material and adverse. You should not rely on forward- looking statements in evaluating an investment or prospective investment in our stock. MVB undertakes no obligation to update any forward-looking statements contained herein.

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