CHESAPEAKE, Va., Aug. 11, 2014 (GLOBE NEWSWIRE) -- Monarch Bank, a subsidiary of Monarch Financial Holdings, Inc. (Nasdaq:MNRK), announced Andrew W. Proctor has joined the company as Senior Vice President in their new Richmond office location in the Innsbrook business park. Mr. Proctor has twenty-five years of experience specializing in supporting commercial real estate developers and investors.
"We are so pleased someone of Andy's caliber has joined Monarch Bank to further our reach into Richmond as we continue to grow our company. His relationship with Atlantic Mortgage and Investment Company will also allow us to better serve our existing clients with long-term fixed rate financing of commercial properties," stated E. Neal Crawford, Jr., President. "We have decided to enter the Richmond market with a targeted approach to loan and fee income growth." Monarch currently has three Mortgage offices located in Richmond, and long-term the company plans to hire additional bankers to serve the Richmond market.
A graduate of the McIntire School of Commerce at the University of Virginia, Mr. Proctor previously worked for First Union, Jefferson National, Wachovia Securities, and GE Real Estate. These senior level positions took Andy to serve the real estate markets in Northern Virginia, Charlotte, and Central Virginia for the past seventeen years. Since 2012, Mr. Proctor has served as principal, owner and manager of Atlantic Mortgage and Investment Company in Richmond. AMIC serves commercial clients throughout the mid-Atlantic with their financing needs.
"I joined Monarch because their culture and way of taking care of clients, especially the more sophisticated professional real estate investor, was similar to how I do business at Atlantic and have done throughout my career," stated Andy Proctor. "We will continue to place commercial loans in the permanent market but can now book balance sheet construction, bridge, and mini-perm loans for the central Virginia market."
Monarch Financial Holdings, Inc. is the one-bank holding company for Monarch Bank. Monarch Bank is a community bank with eleven banking offices in Chesapeake, Virginia Beach, Norfolk, Suffolk, and Williamsburg Virginia. Monarch Bank has loan production offices in Newport News and Richmond (Glen Allen), Virginia. OBX Bank, a division of Monarch Bank, operates offices in Kitty Hawk and Nags Head, North Carolina. Monarch Mortgage and our affiliated mortgage companies have over thirty-five offices with locations in Virginia, North Carolina, Maryland, and South Carolina. Our subsidiaries/ divisions include Monarch Bank, OBX Bank, Monarch Mortgage (secondary mortgage origination), OBX Bank Mortgage (secondary mortgage origination), Coastal Home Mortgage, LLC (secondary mortgage origination), Regional Home Mortgage, LLC (secondary mortgage origination), Advance Financial Group (secondary mortgage origination), Monarch Bank Private Wealth (investment, trust, planning and private banking), Monarch Investments (investment and insurance solutions), Real Estate Security Agency, LLC (title agency) and Monarch Capital, LLC (commercial mortgage brokerage). The shares of common stock of Monarch Financial Holdings, Inc. are publicly traded on the NASDAQ Capital Market under the symbol "MNRK."
This press release may contain "forward-looking statements," within the meaning of federal securities laws that involve significant risks and uncertainties. Statements herein are based on certain assumptions and analyses by the Company and are factors it believes are appropriate in the circumstances. Actual results could differ materially from those contained in or implied by such statements for a variety of reasons including, but not limited to: changes in interest rates; changes in accounting principles, policies, or guidelines; significant changes in the economic scenario: significant changes in regulatory requirements; and significant changes in securities markets. Consequently, all forward-looking statements made herein are qualified by these cautionary statements and the cautionary language in the Company's most recent Form 10-K and 10-Q reports and other documents filed with the Securities and Exchange Commission. The Company does not undertake to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements are made.