FVCbank Acquires Membership Interest in Atlantic Coast Mortgage
Fairfax, VA (August 31, 2021) – Atlantic Coast Mortgage, LLC (“ACM”) announced a strategic partnership as FVCbank (the “Bank”) has acquired a minority interest in ACM. As a result of its investment, the Bank has obtained a 28.7% ownership interest in ACM. The transaction is effective today, August 31, 2021.
“We are very excited to enter into this strategic partnership with FVCbank. Our new partnership with FVCbank provides ACM with a myriad of synergies and opportunities that will complement what we are able to offer our clients, further enhancing our lending operation,” said Timur Tunador, CEO of ACM.
FVCbank, a wholly-owned subsidiary of FVCBankcorp, Inc., is a $1.98 billion asset-sized Virginia-chartered community bank serving the banking needs of commercial businesses, nonprofit organizations, professional service entities, their owners, and employees located in the greater Baltimore and Washington D.C. metropolitan areas. FVCbank is based in Fairfax, Virginia, and has 9 full-service offices in Arlington, Fairfax, Manassas, Reston and Springfield, Virginia, Washington D.C., Baltimore, Bethesda, and Rockville, Maryland.
“We are excited to partner with a leading mortgage originator who shares a common vision of community banking,” said David W. Pijor, Chairman and CEO. “This partnership will allow us to provide competitive residential mortgage products to our customers, while increasing our financial opportunities and expanding our revenue mix.”
“Our goal has always been focused on intentional and responsible growth by capturing the right opportunities at the right times,” said Jon Coy, President of ACM. “FVCbank is not only a great culture fit, but additionally, our partnership with the Bank positions us to be more competitive in both the communities we already serve and new markets as we continue to expand our footprint.”
For the year ended December 31, 2020, ACM reported record loan production of over $3.82 billion and is poised to add new digital loan origination channels and retention of servicing to complement its growing retail origination platform.
About Atlantic Coast Mortgage
ACM, a Virginia limited liability company and licensed mortgage lender headquartered in Fairfax, Virginia, is primarily engaged in the origination of 1-4 family residential mortgage loans and construction loans. ACM was founded in 2011 and is led by a team of seasoned mortgage professionals including the Chief Executive Officer, Timur Tunador, who is a founder of ACM and has almost 30 years of mortgage banking experience. ACM is headquartered and licensed in the Commonwealth of Virginia and is also licensed in 16 other states. Including its headquarters in Fairfax, VA, ACM currently has 12 branches located in Virginia, Maryland, the District of Columbia, and South Carolina. ACM was advised in the transaction by Teraverde Management Advisors.