Glen Burnie Bancorp in Glen Burnie, Md., has acquired VA Wholesale Mortgage in Jacksonville, Fla.
The company did not disclose the price it paid for the mortgage lender, which focuses on active-duty and retired members of the U.S. armed forces.
Buying “VA Wholesale Mortgage … is a win-win,” Mark Hanna, Glen Burnie’s president and CEO, said in a press release. The bank “will add strength to their efforts by providing a consistent source of capital to fund growth. In addition, we will take on administrative responsibilities, such as human resources, IT, and finance, allowing them more time to serve clients.”
VA Wholesale Mortgage was created in 2019. Last year, VAWM closed about $125 million in mortgages.
Milestone Mergers and Acquisitions advised Glen Burnie.