MVB Financial in Fairmont, W.Va., has sold an advisory practice it bought three years earlier.
The $3.1 billion-asset company said in a press release that it sold Chartwell Compliance to Ankura Consulting Group. The price wasn’t disclosed.
Chartwell, founded in 2011, provides regulatory compliance, state licensing, financial crimes prevention and enterprise risk management services to fintech firms.
MVB will remain a Chartwell client.
Chartwell “allowed MVB to grow and scale our fintech business while we also strengthened our internal risk and compliance resources,” Larry Mazza, MVB’s CEO, said in the release.
“Chartwell’s services and expertise are a great fit for Ankura, and we will continue to have a trusted partnership moving forward,” Mazza added.
Chartwell’s 60 employees, including Jonathan Abratt and Sherry Tomac of its executive management team, joined Ankura’s global risk, forensics and compliance group.
Davis Polk & Wardwell advised Ankura. Squire Patton Boggs advised MVB.