Atlantic Bay Mortgage Group® & Virginia Community Bank Withdraw Merger Application

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Aug 13, 2018, 16:30 ET

VIRGINIA BEACH, Va., Aug. 13, 2018 /PRNewswire/ -- Atlantic Bay Mortgage Group^® and Virginia Community Bank have made the mutual decision to withdraw their merger application from both the Federal Deposit Insurance Corporation and Virginia Bureau of Financial Institutions approval consideration with regards to a merging of their companies. More than a year has passed since they began this process and the timeframe in which they can expect to close the transaction remains unclear. Due to these circumstances, both companies believe it is no longer in the best interest of their organizations to continue the process.

From the families we serve, to the community around us and the people that make us great - lending peace of mind goes beyond mortgages.

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

Atlantic Bay and Virginia Community Bank feel that it is best for their respective shareholders, employees, and clients to move forward separately so that they can focus on the successes that have been impactful in their respective communities. Virginia Community Bank plans to continue their partnership with Atlantic Bay, by utilizing their mortgage lending and operational support through their DBA Lender Select Mortgage Group, based out of Richmond Virginia.

Atlantic Bay Mortgage Group began over 21 years ago, with only 5 associates and has since grown to nearly 900 associates, with branches spanning across 9 states. The company has helped put over 135,000 families in homes and has withstood the changes and challenges of the market when many mortgage companies closed their doors. Even as Atlantic Bay continues to grow, the company's focus remains the same, and it goes beyond mortgages.

"Our associates, our customers, and our communities are what make Atlantic Bay what it is," said CEO Brian Holland. "It is what we founded our company on, what has created our success and why we are so excited to get back to focusing on exactly that."

About Atlantic Bay
Founded in 1997, Atlantic Bay Mortgage Group® is a privately owned national mortgage lender headquartered in Virginia Beach, Virginia with nearly 900 associates and is licensed in 26 states and growing. Atlantic Bay has received several top recognitions including: Top 100 Mortgage Company in America, Best Mortgage Company, Most Enjoyable Place to Work, and Inc. 500 Fastest Growing Company. Through its charitable arm, AB Cares, Atlantic Bay has donated more than $2 million to charities and participated in events that promote the passions of our customers, employees, and neighbors. AB Cares has forged a unique partnership with the non-profit Roc Solid Foundation and works to build hope for families with children facing pediatric cancer. Atlantic Bay Mortgage Group L.L.C.^® NMLS #72043 (www.nmlsconsumeraccess.org) is an Equal Opportunity Lender. www.atlanticbay.com

SOURCE Atlantic Bay Mortgage Group