The Bank of Glen Burnie Expands Mortgage Services Through Acquisition of VA Wholesale Mortgage, Inc.
Glen Burnie Bancorp (NASDAQ: GLBZ) has completed the acquisition of VA Wholesale Mortgage, Inc. (VAWM), a veteran-owned mortgage brokerage headquartered in Virginia Beach. VAWM, which closed $125 million in mortgage loans in 2024, will operate as a dedicated division of The Bank of Glen Burnie.
The strategic acquisition expands The Bank of Glen Burnie's mortgage product offerings and geographical footprint, while providing VAWM with consistent capital funding. VAWM specializes in serving military personnel and offers various mortgage products including FHA, VA, and first-time homebuyer mortgages with lower downpayment requirements.
Led by CEO Eric Tan, a U.S. Navy veteran with 25 years of mortgage industry experience, VAWM will maintain its focus on serving active-duty and retired military members while expanding services to The Bank of Glen Burnie's existing customer base.
Glen Burnie Bancorp (NASDAQ: GLBZ) ha completato l'acquisizione di VA Wholesale Mortgage, Inc. (VAWM), un broker ipotecario di proprietà di veterani con sede a Virginia Beach. VAWM, che nel 2024 ha chiuso 125 milioni di dollari in prestiti ipotecari, opererà come divisione dedicata di The Bank of Glen Burnie.
Questa operazione strategica amplia l'offerta di prodotti ipotecari e la presenza geografica di The Bank of Glen Burnie, garantendo al contempo a VAWM un flusso di capitale stabile. VAWM è specializzata nel servire il personale militare e propone diversi prodotti ipotecari, tra cui FHA, VA e mutui per chi acquista la prima casa con requisiti di anticipo ridotti.
Sotto la guida dell'amministratore delegato Eric Tan, veterano della U.S. Navy con 25 anni di esperienza nel settore ipotecario, VAWM continuerà a focalizzarsi sui membri militari in servizio e in pensione, estendendo al contempo i suoi servizi alla clientela già esistente di The Bank of Glen Burnie.
Glen Burnie Bancorp (NASDAQ: GLBZ) ha completado la adquisición de VA Wholesale Mortgage, Inc. (VAWM), una correduría hipotecaria propiedad de veteranos con sede en Virginia Beach. VAWM, que cerró 125 millones de dólares en préstamos hipotecarios en 2024, operará como una división dedicada de The Bank of Glen Burnie.
La adquisición estratégica amplía la gama de productos hipotecarios y la presencia geográfica de The Bank of Glen Burnie, al tiempo que proporciona a VAWM un financiamiento de capital constante. VAWM se especializa en atender al personal militar y ofrece varios productos hipotecarios, incluidos FHA, VA y hipotecas para compradores por primera vez con requisitos de pago inicial más bajos.
Bajo la dirección del CEO Eric Tan, veterano de la U.S. Navy con 25 años de experiencia en la industria hipotecaria, VAWM mantendrá su enfoque en servir a militares en activo y retirados, a la vez que amplía sus servicios a la base de clientes existente de The Bank of Glen Burnie.
Glen Burnie Bancorp (NASDAQ: GLBZ)가 버지니아 비치에 본사를 둔 재향군인 소유 모기지 중개업체인 VA Wholesale Mortgage, Inc. (VAWM)를 인수 완료했습니다. VAWM은 2024년에 1억 2,500만 달러의 모기지 대출을 성사시켰으며, 앞으로 The Bank of Glen Burnie의 전담 부서로 운영됩니다.
이번 전략적 인수로 The Bank of Glen Burnie의 모기지 상품군과 지리적 영향력이 확대되고, VAWM에는 안정적인 자본 공급이 보장됩니다. VAWM은 군인 대상 서비스에 특화되어 있으며 FHA, VA 및 첫 주택 구매자를 위한 저다운페이먼트(낮은 초기 납입금) 모기지 등 다양한 상품을 제공합니다.
CEO 에릭 탄(Eric Tan)은 미 해군 출신으로 모기지 업계에서 25년의 경력을 보유하고 있으며, VAWM은 현역 및 퇴역 군인에 대한 지원 중심을 유지하면서 The Bank of Glen Burnie의 기존 고객층으로도 서비스를 확대할 예정입니다.
Glen Burnie Bancorp (NASDAQ: GLBZ) a finalisé l'acquisition de VA Wholesale Mortgage, Inc. (VAWM), un courtier hypothécaire détenu par des vétérans et basé à Virginia Beach. VAWM, qui a clôturé 125 millions de dollars de prêts hypothécaires en 2024, sera exploité comme une division dédiée de The Bank of Glen Burnie.
Cette acquisition stratégique élargit l'offre de produits hypothécaires et l'empreinte géographique de The Bank of Glen Burnie, tout en assurant à VAWM un financement en capital stable. VAWM se spécialise dans l'accompagnement du personnel militaire et propose divers produits hypothécaires, notamment FHA, VA et des prêts pour primo-accédants avec des exigences d'acompte réduites.
Sous la direction du PDG Eric Tan, vétéran de l'U.S. Navy comptant 25 ans d'expérience dans le secteur hypothécaire, VAWM conservera son orientation vers les militaires en activité et les retraités, tout en étendant ses services à la clientèle existante de The Bank of Glen Burnie.
Glen Burnie Bancorp (NASDAQ: GLBZ) hat die Übernahme von VA Wholesale Mortgage, Inc. (VAWM), einem von Veteranen geführten Hypothekenvermittler mit Sitz in Virginia Beach, abgeschlossen. VAWM, das im Jahr 2024 125 Millionen US-Dollar an Hypothekendarlehen abgewickelt hat, wird künftig als eigene Sparte der The Bank of Glen Burnie tätig sein.
Die strategische Übernahme erweitert das Hypothekenangebot und die geografische Reichweite der The Bank of Glen Burnie und sichert VAWM gleichzeitig eine verlässliche Kapitalausstattung. VAWM ist auf die Betreuung von Militärangehörigen spezialisiert und bietet verschiedene Hypothekenprodukte an, darunter FHA-, VA- sowie Darlehen für Erstkäufer mit niedrigeren Anzahlungsanforderungen.
Unter der Leitung von CEO Eric Tan, einem U.S. Navy-Veteranen mit 25 Jahren Branchenerfahrung, wird VAWM den Fokus auf aktive und pensionierte Militärangehörige beibehalten und gleichzeitig seine Dienstleistungen auf die bestehende Kundschaft der The Bank of Glen Burnie ausweiten.
- Acquisition expands mortgage product offerings including FHA, VA, and first-time homebuyer mortgages
- VAWM brings established operations with $125 million in mortgage loans closed in 2024
- Geographic expansion into Virginia Beach and Jacksonville markets
- Access to consistent capital funding for growth through The Bank of Glen Burnie
- Specialized focus on military personnel market segment provides competitive advantage
- Integration of administrative functions may present operational challenges
- Additional overhead costs from maintaining VAWM as separate division
Insights
GLBZ's acquisition of VA Wholesale Mortgage adds specialized mortgage expertise, geographical expansion, and $125M in loan volume to accelerate growth.
The Bank of Glen Burnie's acquisition of VA Wholesale Mortgage (VAWM) represents a strategic expansion of its mortgage business that brings immediate scale and specialized expertise. VAWM closed approximately
The deal provides three key strategic benefits: product diversification, geographical expansion, and specialized market access. The Bank gains expertise in FHA, VA, and first-time homebuyer mortgages, which require specialized knowledge. Geographically, GLBZ expands from Maryland into Virginia and Florida markets. Perhaps most valuable is VAWM's focus on military personnel – a stable customer segment with reliable income and government backing on VA loans, reducing risk.
For VAWM, the primary benefit is access to a consistent capital source, which addresses a common constraint for independent mortgage brokers who rely on wholesale funding. The Bank's assumption of administrative functions (HR, IT, finance) should also improve VAWM's operational efficiency and scalability.
The decision to maintain VAWM as a separate division indicates GLBZ recognizes the value in preserving VAWM's specialized approach and brand recognition among military customers. This suggests a thoughtful integration strategy that preserves the acquired company's strengths while leveraging the bank's resources – often a key success factor in financial services acquisitions.
Joining forces will expand The Bank of Glen Burnie’s mortgage business line both in products and footprint, and will grow VA Wholesale Mortgage’s reach and strength under The Bank of Glen Burnie name.
GLEN BURNIE, Md., Aug. 18, 2025 (GLOBE NEWSWIRE) -- The Bank of Glen Burnie®, a wholly owned subsidiary of Glen Burnie Bancorp (NASDAQ: GLBZ), continued its plans for growth and expansion through today’s completed acquisition of VA Wholesale Mortgage, Inc., announced Mark C. Hanna, President and CEO of Glen Burnie Bancorp and The Bank of Glen Burnie (the “Bank”). VA Wholesale Mortgage (“VAWM”), a veteran-owned-and-operated business, is headquartered in Virginia Beach, Virginia, and has an office in Jacksonville, Florida. The mortgage brokerage offers home financing to a wide range of customers, with a special focus on serving active-duty and retired members of the U.S. armed forces.
Hanna commented, “Bringing VA Wholesale Mortgage into The Bank of Glen Burnie is a win-win for the Bank, for VAWM, and most importantly, for all of our customers. VAWM CEO Eric Tan and his team have created a company with a stellar reputation for service. The Bank of Glen Burnie will add strength to their efforts by providing a consistent source of capital to fund growth. In addition, we will take on administrative responsibilities, such as human resources, IT, and finance, allowing them more time to serve clients, which is their forte. Plans call for the Bank to grow the team with originators in Anne Arundel County and expand as demand increases.
“VAWM will help us quickly grow our mortgage offerings, both products and reach, much faster than we could organically. In addition to traditional mortgage products, VAWM has expertise in FHA, VA, and first-time homebuyer mortgages, as well as mortgages with lower downpayment requirements. This accomplishes the goal of The Bank of Glen Burnie serving our growing customer base at a higher level, including the small business owners, their employees, and families who have chosen to bank with us. A home is the single largest purchase most people will ever make. Working with a knowledgeable and experienced team like VAWM ensures you get the mortgage that is best for your situation, instilling confidence as you undertake homeownership or refinancing. I couldn’t be more excited about the benefits this acquisition will bring, especially for our customers.”
VA Wholesale Mortgage, Inc., established in 2019 and beginning operations in early 2020, has an impressive team of experienced mortgage originators, including CEO Eric Tan. In 2024, VAWM closed approximately
“When it comes to mortgage lending, there is not much I haven’t done,” Tan said. “It is important to me that we not only provide mortgages but also help customers understand the choices and decisions they are making, ensuring they safeguard their financial well-being. As we become part of The Bank of Glen Burnie, that focus will continue. Having a committed funding source will broaden our reach, allowing us to grow and meet the needs of our customers more readily, while also increasing lending volume.
“Mark and his team are in a strong market. We look forward to serving the mortgage needs of their current customer base and expanding it, including through outreach to veterans and active-duty military personnel. We understand what our military personnel need and can connect with them in ways most lenders cannot. While we originate mortgages for everyone, that special focus sets us apart, and it will be a key part of our growth.”
Current plans call for VA Wholesale Mortgage to operate as a dedicated division of The Bank of Glen Burnie for the foreseeable future.
Fairfax, Virginia-based Milestone Mergers and Acquisitions, led by managing partner Gary Freedman, assisted The Bank of Glen Burnie through all phases of the transaction.
About Glen Burnie Bancorp
Glen Burnie Bancorp is a bank holding company headquartered in Glen Burnie, Maryland. Founded in 1949, The Bank of Glen Burnie® (the “Bank”) is a locally owned community bank with six Anne Arundel County branches. The Bank is engaged in commercial and retail banking, including accepting demand and time deposits and originating loans to individuals, associations, partnerships, and corporations. The Bank’s real estate financing consists of residential first and second mortgage loans, home equity lines of credit and commercial mortgage loans. The Bank also originates automobile loans through arrangements with local automobile dealers. Additional information is available at thebankofglenburnie.com. NMLS# 478089.
About VA Wholesale Mortgage, Inc.
VA Wholesale Mortgage, Inc. (VAWM) is a veteran-owned and operated mortgage company headquartered in Virginia Beach, Virginia, with a second office in Jacksonville, Florida. It serves homebuyers and homeowners across multiple states, including Florida, Georgia, Maryland, North Carolina, Tennessee, Texas, Virginia, and Washington, DC. VAWM specializes in VA home loans, helping military service members, veterans, and their families achieve the dream of homeownership. In addition to VA loans, we offer FHA, Conventional, Jumbo, and Non-QM loan products to meet a wide range of financial needs. Our mission is to simplify the mortgage process through personalized service, expert guidance, and a deep understanding of military benefits. We take pride in educating our clients, providing competitive loan options, and ensuring smooth, timely closings. Our team of experienced mortgage professionals is dedicated to serving both direct consumers and real estate professionals with integrity, transparency, and a commitment to excellence. Additional information is available at VAWholesaleMTG.com. NMLS# 1911247.
Forward-Looking Statements
The statements contained herein that are not historical financial information may be deemed to constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are subject to certain risks and uncertainties, which could cause the company’s actual results in the future to differ materially from its historical results and those presently anticipated or projected. These statements are evidenced by terms such as “anticipate,” “estimate,” “should,” “expect,” “believe,” “intend,” and similar expressions. Although these statements reflect management’s good faith beliefs and projections, they are not guarantees of future performance and they may not prove true. For a more complete discussion of these and other risk factors, please see the Company’s reports filed with the Securities and Exchange Commission.
For further information, contact: Janet Kim | Director of Marketing and Public Relations 410-768-8857; JKim@BoGB.net
FAQ
What company did Glen Burnie Bancorp (GLBZ) acquire in August 2025?
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What types of mortgage products will GLBZ offer through the VAWM acquisition?
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