The Bank of Glen Burnie's Strategic Growth via Acquisition
The Bank of Glen Burnie Expands Mortgage Services
The Bank of Glen Burnie, a wholly-owned subsidiary of Glen Burnie Bancorp, is driving its growth strategy forward with the acquisition of VA Wholesale Mortgage, Inc. This significant move reflects the Bank's intention to enhance its mortgage services and better serve its clientele. The announcement was made by Mark C. Hanna, the President and CEO of both Glen Burnie Bancorp and The Bank of Glen Burnie. VA Wholesale Mortgage, based in Virginia Beach, is focused on providing home financing solutions specifically for active-duty and retired military personnel.
Why the Acquisition Matters
Mark C. Hanna emphasizes that this acquisition is mutually beneficial for both institutions involved. He stated that VA Wholesale Mortgage is known for its commendable reputation for service and dedication to customers. By integrating this company, The Bank of Glen Burnie aims to fortify VAWM’s operational capabilities, ensuring a reliable source of capital to support its growth initiatives. Additionally, the acquisition allows for improved administrative support, freeing up VAWM’s experts to focus on what they do best: serving clients.
Service Offerings and Expertise
With the addition of VA Wholesale Mortgage to its portfolio, The Bank of Glen Burnie expects to rapidly diversify its mortgage offerings. VAWM brings valuable expertise in a variety of mortgage products, including FHA, VA loans, and options for first-time homebuyers that require lower down payment solutions. According to Hanna, this expansion aligns with the Bank’s goal of elevating customer service, particularly for individuals and small business owners who rely on financing for home purchases.
Client-Centric Approach
Hanna articulated the importance of navigating the complex landscape of mortgage lending with a knowledgeable and committed team. He reassured potential borrowers that VAWM would provide tailored solutions that meet their individual needs. The acquisition aims to bolster confidence among clients as they face the significant decision of homeownership or refinancing, ensuring they feel assured about the process.
About VA Wholesale Mortgage
VA Wholesale Mortgage is relatively new to the mortgage industry, having been established in 2019. Its operations began in early 2020, and the company has since made notable strides, closing approximately $125 million in mortgage loans in the preceding year. Eric Tan, the CEO of VAWM, brings a wealth of experience from his nearly 25 years in the mortgage industry, along with a personal background as a U.S. Navy veteran.
Future Plans for Growth
Looking forward, the Bank is excited about the opportunities this acquisition will create. The plan includes maintaining VA Wholesale Mortgage as a dedicated division of The Bank of Glen Burnie, focusing on further expanding its workforce, particularly among mortgage originators in the local area. This strategic direction will facilitate enhanced outreach and services for veterans and active military personnel, ensuring their unique needs are met effectively.
Contact Information
For more information regarding this acquisition and other services, you can contact: Janet Kim | Director of Marketing and Public Relations
Phone: 410-768-8857
Email: JKim@BoGB.net
Frequently Asked Questions
1. What prompted The Bank of Glen Burnie to acquire VA Wholesale Mortgage?
The acquisition was driven by The Bank's strategy to enhance its mortgage services and expand its offerings for a diverse range of clients.
2. How does this acquisition benefit customers?
Customers will benefit from a broader range of mortgage products and increased expertise in veteran-focused lending.
3. Who is leading the operations of VA Wholesale Mortgage?
Eric Tan, a U.S. Navy veteran with extensive experience in the mortgage industry, is currently the CEO of VA Wholesale Mortgage.
4. What types of loans will be offered after the acquisition?
The Bank will offer a variety of loans, including FHA, VA loans, and options for first-time homebuyers.
5. Where can I find more information about The Bank of Glen Burnie?
Further details can be found by contacting their Marketing and Public Relations department or visiting their official website.
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