Atlantic Bay Mortgage Group® is excited to announce an all-stock merger transaction with Virginia Community Bank. The deal is expected to close in the fourth quarter of 2017. Virginia Community Bank will eliminate its holding company and the resulting bank will operate under the name Atlantic Bay Bank, while Atlantic Bay Mortgage Group will retain its brand.
With this merger, there will be little interruption and changes as possible for Virginia Community Bank. Their leadership team will remain intact and there will be no employee layoffs.
Under the terms of the agreement, Brian Holland, Atlantic Bay’s CEO, will become bank board chairman and Atlantic Bay COO Stan Holland will become a member of the board. Preston Moore, Virginia Community Bank’s CEO, will remain in his position as the bank’s chief executive officer.
“We are excited to join such a well-established and highly-respected community bank where we can share our approach to lending, customer service, and fun company culture,” said Atlantic Bay CEO Brian Holland.
Once the merger is completed, Atlantic Bay will be able to expand its services to clients for banking services. The bank will also benefit from an increase in lending products, resources, and technology.
“We will have a terrific partner with Atlantic Bay Mortgage Group, who has won many accolades for not only fast growth, but also recognized as one of the best places to work in Hampton Roads,” said Preston Moore, Virginia Community Bank CEO. “This combination will also enable all of our employees to be retained and give us the resources we need to better serve our customers.”
The transaction will be finalized once approval is received from Virginia Community Bankshares’ shareholders, as well as other regulatory agencies.