CHESAPEAKE, Va., Oct. 7 /PRNewswire/ -- (Nasdaq: MNRK) Monarch Mortgage, a division of Monarch Bank, announced the formation of a new mortgage company to be jointly owned with Nancy Chandler Associates, a leading realty firm with offices in Norfolk and Chesapeake. Based on 2009 sales volume, Nancy Chandler Associates ranked among the largest brokers in Southeastern Virginia and is listed nationally in the RIS Top 500 Power Brokers.
"We are pleased to partner with Nancy Chandler Associates to assist their clients with financing their new home," stated Ted Yoder, President of Monarch Mortgage. "The new company, Monarch Home Funding, will deliver the same high quality mortgage services that have become a hallmark of our company."
"We are very excited to be associated with Monarch Mortgage in this joint venture," stated Web Chandler, President of Nancy Chandler Associates. "Ted Yoder and his team have proven to us that they can deliver the superb customer service that our clients and our Sales Associates demand."
Monarch Financial Holdings, Inc. is the one-bank holding company for Monarch Bank. Monarch Bank is a community bank with nine banking offices in Chesapeake, Virginia Beach, and Norfolk, Virginia. OBX Bank, a division of Monarch Bank, operates two offices in Kitty Hawk and Nags Head, North Carolina. Services are also provided through over fifty ATMs located in the South Hampton Roads area and the Outer Banks of North Carolina, and "Monarch Online" consumer and business internet banking (monarchbank.com). Monarch Mortgage and our affiliated mortgage companies have locations in Virginia, North Carolina, Maryland, and South Carolina. Our subsidiaries/divisions include Monarch Bank, OBX Bank (commercial banking), Monarch Mortgage, Regional Home Mortgage, LLC, Coastal Home Mortgage, LLC Monarch Home Funding, LLC (secondary mortgage origination), Monarch Investments (investment and insurance solutions), Real Estate Security Agency, LLC (title agency) and Monarch Capital, LLC (commercial mortgage brokerage). The shares of common stock of Monarch Financial Holdings, Inc. are publicly traded on the Nasdaq Capital Market under the symbol "MNRK", and shares of our convertible preferred stock are publicly traded on the Nasdaq Capital Market under the symbol "MNRKP".
This press release may contain "forward-looking statements," within the meaning of federal securities laws that involve significant risks and uncertainties. Statements herein are based on certain assumptions and analyses by the Company and are factors it believes are appropriate in the circumstances. Actual results could differ materially from those contained in or implied by such statements for a variety of reasons including, but not limited to: changes in interest rates; changes in accounting principles, policies, or guidelines; significant changes in the economic scenario: significant changes in regulatory requirements; and significant changes in securities markets. Consequently, all forward-looking statements made herein are qualified by these cautionary statements and the cautionary language in the Company's most recent Form 10-K and 10-Q reports and other documents filed with the Securities and Exchange Commission. The Company does not undertake to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements are made.
SOURCE Monarch Bank