Atlantic Coast Mortgage president and co-founder Jon Coy mentioned the acquisition marks “an necessary step” within the firm’s effort to develop its attain whereas sustaining a concentrate on shopper service.
“Tidewater’s deep roots and excellent repute throughout the Mid-Atlantic align completely with our imaginative and prescient and values,” Coy mentioned. “Collectively, we are going to ship an distinctive mortgage expertise on a bigger scale whereas persevering with to provide again to the communities we serve.”
Tidewater President Rob Runnells mentioned becoming a member of Atlantic Coast Mortgage will permit the corporate to broaden its merchandise and assets whereas sustaining its tradition. In keeping with Modex, Tidewater has a year-to-date quantity of $389.41 million.
“Our purchasers will profit from ACM’s superior expertise platform and nationwide assets, and our workers could have new alternatives for progress,” Runnells mentioned.
Based in 2011, Atlantic Coast Mortgage originates residential mortgages and construction loans. It operates 23 branches throughout Virginia, Maryland, the District of Columbia, North Carolina, South Carolina and Florida. Yr thus far, the corporate has produced a complete quantity of $1.73 billion, in keeping with Modex information.
