Virginia Partners Bank to acquire stake in Johnson Mortgage Company, LLC
FREDERICKSBURG, Va., Dec. 15, 2017 /PRNewswire/ -- Virginia Partners Bank agreed to acquire a 51% stake in Johnson Mortgage Company, LLC. The transaction will be effective January 1, 2018.
Johnson Mortgage, founded in 1997, is a residential mortgage company headquartered in Newport News, Virginia, with a branch office in Williamsburg, Virginia. The company offers a full line of secondary market loans. Virginia Partners Bank, founded in 2008, is a community bank headquartered in Fredericksburg, Virginia. The Bank has three full service offices in Fredericksburg, a full service branch and commercial banking office in La Plata, Maryland, and a Loan Production Office in Annapolis, Maryland.
Johnson Mortgage will continue to operate its locations in Newport News and Williamsburg, and will co-locate with Virginia Partners Bank in its Salem Church branch in Fredericksburg. Virginia Partners will redirect its secondary market loan production through Johnson Mortgage. The Bank will then focus its mortgage production activities around its very successful portfolio loan program under the leadership of Robin Huddle, Senior Vice President.
Virginia Partners Bank and Johnson Mortgage plan to open shared offices in the Bank's existing La Plata and Annapolis, Maryland offices.
Virginia Partners Bank and Johnson Mortgage believe that the partnership will be a perfect complement to both companies' current operations. "We have been looking for a scalable solution to delivering a full array of secondary market financing to our customers," said Lloyd B. Harrison, President & CEO of Virginia Partners Bank. "Johnson Mortgage brings that scalability to us by co-locating in our offices. This allows the Bank to focus on portfolio loans. At the same time, we will be able to bring our community bank based approach to construction loans, bridge loans, and portfolio loans to clients of Johnson Mortgage."
"The two companies share a common vision of community banking and mortgage financing," said Allen Barber, President of Johnson Mortgage Company. "Virginia Partners Bank serves very attractive markets and we are excited to be able to partner with them."
For further information, contact Lloyd B. Harrison, III, President & CEO at 540-899-2234.
About Virginia Partners Bank
Virginia Partners Bank, headquartered in in Fredericksburg, Virginia, was founded in 2008 and has three branches in Fredericksburg, Virginia. In Maryland, the bank trades under the name Maryland Partners Bank (a division of Virginia Partners Bank), and operates a full service branch and commercial banking office in La Plata and a Loan Production Office in Annapolis. For more information, visit www.vapartnersbank.com.
Forward-Looking Statements/Safe Harbor Provision
This news release may contain certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. For this purpose, any statements contained in this press release that are not statements of historical fact may be deemed to be forward-looking statements. Without limiting the foregoing, words such as "will," "plan" or comparable terminology, are intended to identify forward-looking statements. Examples of forward-looking statements contained in this release include, but are not limited to statements regarding the Bank's future mortgage production activities and the Bank's future interactions with clients of Johnson Mortgage. Forward-looking statements by their nature involve substantial risks and uncertainties, and actual results may differ materially depending on a variety of factors, many of which are not within the control of the Bank. The forward-looking statements included in this press release are made only as of the date of this press release. The Bank has no intention, and does not assume any obligation, to update these forward-looking statements. This news release does not constitute an offer to sell or the solicitation of an offer to buy any securities issued by the Bank.
SOURCE Virginia Partners Bank
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