Community Heritage Financial Inc. recently announced that it is acquiring Millennium Financial Group, a privately held, full-service residential mortgage lender.
Community Heritage is the parent holding company of Middletown Valley Bank.
Mlend provides expertise in every area of residential mortgage financing and will continue as an independent operation under the holding company structure. The transaction is expected to be finalized in the first quarter of 2019.
“The recent implementation of the holding company structure has provided an opportunity for us to join forces with another financial services organization, and we are excited to see what we can achieve together,” Robert “BJ” Goetz, president and CEO of Community Heritage Financial Inc., said in a news release announcing the deal. “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.”
William Poffenbarger, president of Mlend, stated, “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 utilization of valuable expertise and resources on both sides, creating an even greater experience for our customers.”
Community Heritage is headquartered in Middletown, Md. Its wholly-owned subsidiary, Middletown Valley Bank, conducts full-service commercial and retail banking services through six branches in Frederick and Washington counties in Maryland.
As of Sept. 30, Middletown Valley Bank had total assets of approximately $428.8 million, total net loans of $340.2 million, total deposits of $375.4 million, and shareholders’ equity of $44.3 million.
Mlend is a full-service mortgage lender headquartered in Middletown with locations in Crofton, Oakland and Cumberland, Md.