FVCBancorp in Fairfax, Va., has bought a minority stake in Atlantic Coast Mortgage in Fairfax.
The $2 billion-asset company said in a press release Tuesday that it acquired a 28.7% ownership interest in the mortgage company. FVCBancorp did not disclose the price it paid.
The bank provides a warehouse lending facility to Atlantic Coast, including a construction-to-permanent financing line, and has developed portfolio mortgage products to diversify its current held-for-investment loan portfolio.
Atlantic Coast is a licensed mortgage lender that primarily originates 1-4 family residential mortgage loans and construction loans. The company, founded in 2011, is led by CEO Timur Tunador. The lender is licensed in 16 states.
“We are excited to partner with a leading mortgage originator who shares a common vision of community banking,” David Pijor, FVCBancorp’s chairman and CEO, said in the release.
“This partnership will allow us to provide competitive residential mortgage products to our customers, while increasing our financial opportunities and expanding our revenue mix,” Pijor added.
FVCBancorp in July announced plans to merge with Blue Ridge Bankshares in Charlottesville, Va. The $307 million merger is expected to close by early 2021.