Community Heritage Financial, the parent company of Middletown Valley Bank, is set to acquire privately held residential mortgage lender Millennium Financial Group (Mlend).
The financial details of the acquisition were not disclosed.
Community Heritage Financial president and CEO Robert Goetz said: “The recent implementation of the holding company structure has provided an opportunity for us to join forces with another financial services organisation, and we are excited to see what we can achieve together.
“Mlend has a 15-year history of being a leader in residential mortgage lending in a footprint that aligns perfectly with CMHF and Middletown Valley Bank.”
Headquartered in Middletown of Maryland, Mlend offers its services across the full residential mortgage financing portfolio.
The transaction is expected to be wrapped up in the first quarter of 2019.
Once complete, Mlend will continue to operate as an independent residential mortgage lender.
Mlend president William Poffenbarger said: “We are looking forward to this next chapter with CMHF and Middletown Valley Bank.
“We already work closely with Middletown Valley Bank, so this acquisition will allow for utilisation of valuable expertise and resources on both sides, creating an even greater experience for our customers.”
With six branches, Middletown Valley Bank provides full commercial and retail banking services to the local community.
As of 30 September 2018, the bank had total assets of nearly $428.8m, total net loans of $340.2m and total deposits of $375.4m.