Atlantic Coast Mortgage acquires Tidewater Mortgage

Atlantic Coast Mortgage LLC, a Fairfax, Virginia-based mortgage lender licensed in 40 states, has acquired Tidewater Mortgage Services Inc., a coastal Virginia lender serving the Mid-Atlantic and Southeast regions.

The deal, announced on Monday, combines Atlantic Coast Mortgage’s technology-driven lending platform with Tidewater’s regional presence and reputation for customer service, the companies said in a joint announcement. Terms of the transaction were not disclosed in the announcement.

Atlantic Coast Mortgage president and co-founder Jon Coy said the acquisition marks “an important step” in the company’s effort to expand its reach while maintaining a focus on client service.

“Tidewater’s deep roots and outstanding reputation across the Mid-Atlantic align perfectly with our vision and values,” Coy said. “Together, we will deliver an exceptional mortgage experience on a larger scale while continuing to give back to the communities we serve.”

Tidewater President Rob Runnells said joining Atlantic Coast Mortgage will allow the company to broaden its products and resources while maintaining its culture. According to Modex, Tidewater has a year-to-date volume of $389.41 million.

“Our clients will benefit from ACM’s advanced technology platform and national resources, and our employees will have new opportunities for growth,” Runnells said.

Founded in 2011, Atlantic Coast Mortgage originates residential mortgages and construction loans. It operates 23 branches across Virginia, Maryland, the District of Columbia, North Carolina, South Carolina and Florida. Year to date, the company has produced a total volume of $1.73 billion, according to Modex data.