MVB Financial in Fairmont, W.Va., began the process of shutting down its digital asset program.
The $3.3 billion-asset company said its second-quarter earnings fell by nearly 50% from a year earlier, largely reflecting its decision to end the program.
MVB cited changing market conditions and profitability challenges. The decision cut into the company’s second-quarter net income by 8 cents a share.
Total deposits also fell by 8.3% from a quarter earlier, to $2.9 billion. Deposits tied to digital asset clients declined by 92% from the first quarter, to just $28.1 million.
Separately, MVB said it hired Jeremy Kuiper as fintech president to expand its fintech banking business. Kuiper was executive vice president of enterprise development at MetaBank.