The Bank Of Glen Burnie Acquires Va Wholesale Mortgage

The Bank of Glen Burnie has acquired Virginia-based mortgage brokerage firm VA Wholesale Mortgage (VAWM), a move that gives the seller access to capital and back-office support while broadening the bank’s mortgage product offerings.

“VAWM will help us quickly grow our mortgage offerings, both products and reach, much faster than we could organically,” Mark C. Hanna, president and CEO of the bank and its parent company, Glen Burnie Bancorp, said in a statement.

Founded in 2019, VAWM is headquartered in Virginia Beach with an office in Jacksonville, Florida. It also serves borrowers in Georgia, Maryland, North Carolina, Tennessee, Texas and Washington, D.C.

It specializes in loans for active-duty and retired members of the U.S. armed forces, offering Federal Housing Administration (FHA) and U.S. Department of Veterans Affairs (VA) products with lower downpayment requirements.

Under the deal, VAWM will operate as a dedicated division of The Bank of Glen Burnie. The bank will also take over the company’s administrative functions, including human resources, IT and finance.

For the seller, the deal will “add strength to their efforts by providing a consistent source of capital to fund growth,” Hanna said. He added that the bank plans to hire mortgage originators in Anne Arundel County, Maryland, and expand as demand rises.

Led by CEO and industry veteran Eric Tan, VAWM originated about $125 million in mortgages in 2024. The company had 17 sponsored loan officers as of Monday, adding to 15 at the bank, according to the Nationwide Multistate Licensing System. 

“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,” Tan said in a statement. 

Founded in 1949, Glen Burnie Bancorp is based in Glen Burnie, Maryland, and operates branches across Anne Arundel County. The buyer was advised by Milestone Mergers and Acquisitions, led by Gary Freedman.