Community Heritage Financial, Inc. to Acquire Millennium Financial Group

MIDDLETOWN, Md., Nov. 28, 2018 /PRNewswire/ -- Community Heritage Financial, Inc. (OTCPink: CMHF), the parent holding company of Middletown Valley Bank, announced today it is acquiring Millennium Financial Group (Mlend), a privately held, full-service residential mortgage lender. Mlend provides expertise in every area of residential mortgage financing, and will continue as an independent operation under the holding company structure.  The transaction is expected to be finalized in the first quarter of 2019.

"The recent implementation of the holding company structure has provided an opportunity for us to join forces with another financial services organization, and we are excited to see what we can achieve together," said Robert "BJ" Goetz, President and CEO of Community Heritage Financial, Inc. "Mlend has a 15-year history of being a leader in residential mortgage lending in a footprint that aligns perfectly with CMHF and Middletown Valley Bank." 

William Poffenbarger, President of Mlend, stated, "We are looking forward to this next chapter with CMHF and Middletown Valley Bank. We already work closely with Middletown Valley Bank, so this acquisition will allow for utilization of valuable expertise and resources on both sides, creating an even greater experience for our customers. This is the joining of two strong, local companies that have always been committed to the communities they serve."

Community Heritage Financial, Inc. is headquartered in Middletown Maryland. Its' wholly-owned subsidiary, Middletown Valley Bank, conducts full service commercial and retail banking services through six branches located in Frederick and Washington County, Maryland. As of September 30, 2018, Middletown Valley Bank had total assets of approximately $428.8 million, total net loans of $340.2 million, total deposits of $375.4 million, and shareholders' equity of $44.3 million. For more information, visit mvbbank.com

Mlend is a full-service mortgage lender headquartered in Middletown, MD with locations in Crofton, Oakland and Cumberland, MD.  For more information visit http://mlend.com/.

This press release may contain forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements can generally be identified by the use of forward- looking terminology such as "believes," "expects," "intends," "may," "will," "should," "anticipates" or similar terminology. Such statements, specifically regarding the Company's intentions regarding transparency, growth and market expansion, are subject to risks and uncertainties that could cause actual results to differ materially from future results expressed or implied by such forward-looking statements. Potential risks and uncertainties include, but are not limited to, changes in interest rates, stock market liquidity, deposit flows, loan demand and real estate values, as well as changes in economic, competitive, governmental, regulatory, technological and other factors which may affect the Company specifically, its existing and target market areas or the banking industry in general. The realization or occurrence of these risks or uncertainties could cause actual results to differ materially from those addressed in the forward-looking statements.

SOURCE Community Heritage Financial, Inc.