Merger Between Virginia Bank and Mortgage Lender Ends

Aug 14, 2018

New York City-based SLK Global Solutions, a business process transformation enterprise provider, has named Nate Johnson as its new senior vice president-mortgage business leader

Atlantic Bay Mortgage Group and Virginia Community Bank have announced that they are withdrawing merger application from the Federal Deposit Insurance Corp. and the Virginia Bureau of Financial Institutions.

The two financial institutions stated that more than a year has passed since they began the formal merger process, but it was still unclear on how long it would take them to conclude the transaction. As a result, the Louisa, Va.-based bank and the Virginia Beach-headquartered mortgage company have decided that a merger was no longer in their best interest.

"While this process has been an arduous one, we certainly value the relationships we have built with Virginia Community Bank through this process," said Brian Holland, CEO at Atlantic Bay Mortgage Group.

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Phil Hall

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Aug 14, 2018

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