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Fairmont Today
By the People, for the People
Community Bank Director Quits with Scathing Resignation
Glen Herrick criticizes MVB Financial's executive compensation and lack of strategic focus
Published on Mar. 5, 2026
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In an unusual move, a director at West Virginia-based MVB Financial has resigned from the bank's board, citing differences over executive compensation practices and a perceived lack of strategic focus on core profitability. Glen Herrick, a veteran bank director, penned a resignation letter that sharply criticized the company's policies and performance.
Why it matters
Herrick's abrupt departure and scathing resignation letter highlight growing tensions between some directors and management over issues like executive pay and corporate strategy. This type of public rebuke from a board member is relatively rare in the banking industry and could signal deeper problems at MVB that investors will want to monitor.
The details
In his resignation letter, Herrick stated that he had "repeatedly" raised concerns about MVB's executive compensation practices and "lack of strategic focus on core recurring earnings." He said the company's leadership had "seemingly fallen on deaf ears" when he voiced these concerns. Herrick, who had served on MVB's board for just 14 months, is a senior advisor at consulting firms Mickelson & Company and Klaros Group. He previously served as CFO of Pathward Financial from 2013 to 2023.
- Herrick joined MVB's board in January 2025.
- Herrick was appointed to lead MVB's audit committee in January 2026.
- Herrick submitted his resignation letter on February 26, 2026.
The players
Glen Herrick
A veteran bank director who resigned from the board of MVB Financial after serving just 14 months, citing differences over executive compensation and corporate strategy.
MVB Financial
A $3.3 billion-asset community bank based in Fairmont, West Virginia that has faced criticism from one of its directors over executive pay and lack of strategic focus.
Larry Mazza
The CEO of MVB Financial, who received a total compensation package of $2.17 million in 2024, according to the company's proxy statement.
Donald Robinson
The president and CFO of MVB Financial, who received total compensation of $1.07 million in 2024.
Brett Rabatin
An analyst at Hovde who covers MVB Financial and described Herrick's resignation letter as "very unusual" but ultimately "unjustified" and "not of significance."
What they’re saying
“Based on our differing views on acceptable corporate governance practices and value creation strategy, I am no longer able to serve on the board.”
— Glen Herrick, Former Director, MVB Financial (MVB Financial SEC Filing)
“Herrick's letter represents an unjustified concern and is not of significance.”
— Brett Rabatin, Analyst, Hovde (Hovde Research Note)
What’s next
MVB Financial has not indicated if it plans to replace Herrick on the board or address the concerns he raised in his resignation letter.
The takeaway
This high-profile resignation highlights the growing tensions between some bank directors and management over issues like executive compensation and strategic direction. While the analyst believes Herrick's concerns are not significant, the public nature of his departure could put pressure on MVB to re-examine its policies and focus on core profitability.
