FVCbank (the “Bank”) has acquired an interest in Atlantic Coast Mortgage, LLC (“ACM”). As a result of this investment, the bank acquired a 28.7% stake in ACM. The transaction is effective today, August 31, 2021.
The bank provides ACM with a storage loan facility, including a line of finance from construction to permanent finance, and has developed portfolio mortgage products to diversify its current investment loan portfolio.
ACM is a licensed mortgage lender headquartered in Fairfax, Virginia, primarily engaged in family 1-4 home loan origination and home loans. ACM was founded in 2011 and is led by a team of seasoned mortgage professionals including Chief Executive Officer Timur Tunador, a founder of ACM who has nearly 30 years of experience in the mortgage banking business. ACM is approved in the Commonwealth of Virginia, the District of Columbia, Maryland, and 14 other states. Including its headquarters in Fairfax, Virginia, ACM currently has 12 offices in Virginia, Maryland, the District of Columbia and South Carolina.
“We are excited to partner with a leading mortgage lender who shares a common vision for community banking,” said David W. Pijor, Chairman and CEO. “This partnership will allow us to offer our customers competitive residential mortgage products while increasing our financial capabilities and broadening our revenue mix.”
FVCbank is a wholly-owned subsidiary of FVCBankcorp, Inc. (NASDAQ: FVCB), which began operations in November 2007. FVCbank is a US $ 1.98 billion community bank founded in Virginia that serves the banking needs of commercial corporations, nonprofits, and professional services corporations, their owners and employees in the greater Baltimore and Washington DC area. FVCbank is based in Fairfax, Virginia and has 9 full-service offices in Arlington, Fairfax, Manassas, Reston and Springfield, Virginia, Washington DC, and Baltimore, Bethesda and Rockville, Maryland.
For more information, please visit the Investor Relations page on the FVCBankcorp, Inc. website, www.fvcbank.com.
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