MVB Financial Director Quits Citing Pay Practices After 34% Profit Growth
Former board director Glen Herrick resigned after 14 months, blasting MVB Financial’s executive compensation practices and lack of strategic focus on recurring earnings and core profitability. The $3.3 billion-asset bank reported $26.9 million net income in 2025, up 34% on a one-time asset sale.
1. Director Resignation and Criticism
Glen Herrick stepped down from MVB Financial’s board on Feb. 26 after 14 months, sharply criticizing the bank’s strategic focus and governance. His resignation letter cited repeatedly raised concerns on recurring earnings priorities that went unaddressed by management.
2. Earnings and Asset Sale Boost
The $3.3 billion-asset lender posted net income of $26.9 million in 2025, a 34% increase year-over-year, driven largely by a one-time asset sale. This performance boost contrasts with Herrick’s warnings about long-term profitability and stable earnings.
3. Executive Compensation Dispute
Herrick objected to a misalignment between pay and performance, highlighting CEO Larry Mazza’s total compensation of $2.17 million in 2024. He labeled executive compensation practices as unacceptable under current corporate governance norms.