Community Heritage Financial, Inc. (the “Company”) (OTC Pink: CMHF), the holding company for Middletown Valley Bank (the “Bank”) and Millennium Financial Group, Inc. (“Mlend”) announced today that it has requested regulatory non-objection for Mlend to become a wholly owned subsidiary of the Bank. The change has been approved by all three boards.
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“We believe that it is in the best interests of the Company, the Bank, and our stockholders, that Millennium become a wholly owned subsidiary of the Bank in lieu of remaining a wholly owned subsidiary of the Company,” said Robert E. (BJ) Goetz, President and Chief Executive Officer of the Company and the Bank. “This change in structure allows us to realize significant cost savings and operational efficiencies.”
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President and Chief Executive Officer of Mlend, William H. Poffenbarger, Jr. commented, “By becoming a wholly owned subsidiary of the Bank, we achieve further synergies, with each entity retaining its current brand strengths in the markets they serve.”
Middletown Valley Bank is a full-service commercial and retail bank with locations in the Maryland counties of Frederick, Garrett, and Washington, and in Franklin County, Pennsylvania
Mlend is a full-service mortgage lender with locations in Middletown, Crofton and Oakland, Maryland
Community Heritage Financial, Inc. (the “Company”), the parent company for its wholly-owned subsidiaries Middletown Valley Bank (the “Bank”) and Millennium Financial Group, Inc. (“Mlend”), was established in November 2018 under the laws of the State of Maryland to serve as the holding company for the Bank. The Company is regulated under the Bank Holding Company Act of 1956, as amended, and is subject to regulation, supervision, and examination by the Federal Reserve Board.
Earnings continued to be bolstered by strong residential mortgage loan activity along with enhanced fee income from PPP loan forgiveness. Earnings were positively impacted during the third quarter by a loan charge-off recovery totaling $540 thousand related to the prior quarter isolated loan charge-off due to a COVID-19 business failure. The Bank entered into a forbearance agreement with the principal of the aforementioned credit charge-off to receive monthly restitution towards the recovery of the charge-off. The recovery also positively impacted the provision expense for the third quarter, resulting in a loan loss provision expense release of $246 thousand. As of September 30, 2021 the Company’s credit quality continued to be strong with non-performing assets to total assets at 0.31%, a decrease of 5 basis points from the prior quarter.
The Company remains deeply committed to the communities we serve. We continue to expand our newly formed footprint in the Franklin County, PA market and continuing to grow in the Maryland market while providing our customers with “Absolutely Exceptional Experiences”.
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