Virginia Lenders Announce Merger

Jul 26, 2017

HLP has named Larry Gilmore, a former HLP Chief Executive Officer and Founder, to HLP’s Board of Directors

A pair of Virginia-based financial institutions, Atlantic Bay Mortgage and Virginia Community Bank, have announced plans to merge in an all-stock transaction.

According to a report in the Hampton Roads Business Journal, the bank’s holding company will be terminated and the new entity will be managed as the Atlantic Bay Bank. Atlantic Bay was founded in 1996 and has over 120 locations, while Virginia Community Bank was established in 1976 and has seven locations in Central Virginia.

“This has been part of our strategic plan for a number of years and it was all about finding the right partner,” said Atlantic Bay CEO Brian Holland. “We both saw that it was a good fit. They’re in a rural market where there’s not a ton of loan demand but they have a lot of deposits. It was a nice fit. Unlike many acquisitions or mergers, we didn’t have a lot of duplication. They really don’t focus on the mortgage business and we didn’t have all the banking side of it.”

About the author

Phil Hall

Link copied

Published

Jul 26, 2017

Industry News

UWM, UMortgage Under Attack For Alleged Shell Scheme

A report released on April 25 by the hedge-funded media company alleges UWM set up a shell company, UMortgage.

Just weeks after allegations against United Wholesale Mortgage (UWM) were published in an exposé-style report and a class action lawsuit, Hunterbrook Media is once again putting the Michigan lender under the spotlight. On Thursday, the hedge-funded media company published...

Analysis and Data

Homebuying Excitement Is Up Among Veterans

Survey results indicate optimism about housing market among U.S. veterans and service members

Our nation’s heroes are increasingly optimistic about buying homes, new research indicates. The amount of veterans and service members who plan to purchase a home in the next six months was up by 15 percentage points year-over-year, according to the Veterans Homebuying Re...