Bank of Glen Burnie acquires VA Wholesale Mortgage to expand services

GLEN BURNIE, Md. - The Bank of Glen Burnie, a subsidiary of Glen Burnie Bancorp (NASDAQ:GLBZ), a $11.83 million market cap community bank trading near its 52-week low, announced Monday it has completed the acquisition of VA Wholesale Mortgage, Inc. (VAWM), a veteran-owned mortgage brokerage based in Virginia Beach with an additional office in Jacksonville, Florida.

VAWM, established in 2019, specializes in home financing with a focus on serving military personnel. The company closed approximately $125 million in mortgage loans in 2024.

Mark C. Hanna, President and CEO of Glen Burnie Bancorp and The Bank of Glen Burnie, said the acquisition will allow the bank to expand its mortgage offerings more rapidly than through organic growth.

"VAWM will help us quickly grow our mortgage offerings, both products and reach," Hanna stated in a press release. The acquisition comes as Glen Burnie Bancorp maintains its 28-year streak of dividend payments, currently offering a notable 10% yield. According to InvestingPro analysis, the company has shown 7.79% revenue growth in the last twelve months.

The acquisition gives The Bank of Glen Burnie access to VAWM’s expertise in FHA, VA, and first-time homebuyer mortgages, as well as mortgages with lower down payment requirements.

Eric Tan, CEO of VAWM and a U.S. Navy veteran with nearly 25 years of mortgage industry experience, will continue to lead the mortgage operations. Tan emphasized that the acquisition provides VAWM with a committed funding source to expand its reach.

According to the announcement, VA Wholesale Mortgage will operate as a dedicated division of The Bank of Glen Burnie for the foreseeable future.

Milestone Mergers and Acquisitions of Fairfax, Virginia assisted The Bank of Glen Burnie throughout the transaction process.

The Bank of Glen Burnie currently operates six branches in Anne Arundel County, Maryland, while VAWM serves homebuyers across multiple states including Florida, Georgia, Maryland, North Carolina, Tennessee, Texas, Virginia, and Washington, DC.

In other recent news, Glen Burnie Bancorp announced the upcoming retirement of its Treasurer and Chief Financial Officer, Jeffrey D. Harris. Harris, who has been with the company since 2017, is set to retire on June 30, 2025. The Maryland-based company has stated it will commence the search for a new Chief Financial Officer. This information was revealed in a recent SEC filing. Investors may note these leadership changes as they could impact the company’s financial strategies moving forward.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.