Joining forces will expand The Bank of Glen Burnie’s mortgage business line both in products and footprint, and will grow VA Wholesale Mortgage’s reach and strength under The Bank of Glen Burnie name.
The Bank of Glen Burnie, a wholly owned subsidiary of Glen Burnie Bancorp, continued its plans for growth and expansion through today’s completed acquisition of VA Wholesale Mortgage, Inc., announced Mark C. Hanna, President and CEO of Glen Burnie Bancorp and The Bank of Glen Burnie (the “Bank”). VA Wholesale Mortgage (“VAWM”), a veteran-owned-and-operated business, is headquartered in Virginia Beach, Virginia, and has an office in Jacksonville, Florida. The mortgage brokerage offers home financing to a wide range of customers, with a special focus on serving active-duty and retired members of the U.S. armed forces.
Hanna commented, “Bringing VA Wholesale Mortgage into The Bank of Glen Burnie is a win-win for the Bank, for VAWM, and most importantly, for all of our customers. VAWM CEO Eric Tan and his team have created a company with a stellar reputation for service. The Bank of Glen Burnie 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, which is their forte. Plans call for the Bank to grow the team with originators in Anne Arundel County and expand as demand increases.
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“VAWM will help us quickly grow our mortgage offerings, both products and reach, much faster than we could organically. In addition to traditional mortgage products, VAWM has expertise in FHA, VA, and first-time homebuyer mortgages, as well as mortgages with lower downpayment requirements. This accomplishes the goal of The Bank of Glen Burnie serving our growing customer base at a higher level, including the small business owners, their employees, and families who have chosen to bank with us. A home is the single largest purchase most people will ever make. Working with a knowledgeable and experienced team like VAWM ensures you get the mortgage that is best for your situation, instilling confidence as you undertake homeownership or refinancing. I couldn’t be more excited about the benefits this acquisition will bring, especially for our customers.”
VA Wholesale Mortgage, Inc., established in 2019 and beginning operations in early 2020, has an impressive team of experienced mortgage originators, including CEO Eric Tan. In 2024, VAWM closed approximately $125 million in mortgage loans. Tan, a U.S. Navy veteran now based in Jacksonville, Florida, has nearly 25 years of mortgage industry experience.
“When it comes to mortgage lending, there is not much I haven’t done,” Tan said. “It is important to me that we not only provide mortgages but also help customers understand the choices and decisions they are making, ensuring they safeguard their financial well-being. As we become part of The Bank of Glen Burnie, that focus will continue. Having a committed funding source will broaden our reach, allowing us to grow and meet the needs of our customers more readily, while also increasing lending volume.
“Mark and his team are in a strong market. We look forward to serving the mortgage needs of their current customer base and expanding it, including through outreach to veterans and active-duty military personnel. We understand what our military personnel need and can connect with them in ways most lenders cannot. While we originate mortgages for everyone, that special focus sets us apart, and it will be a key part of our growth.”
Current plans call for VA Wholesale Mortgage to operate as a dedicated division of The Bank of Glen Burnie for the foreseeable future.
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