MIDDLETOWN, Md., January 14, 2022 /PRNewswire/ — Community Heritage Financial, Inc. (the “Company”) (OTC Pink: CMHF), the holding company for Middletown Valley Bank (the “Bank”) and Millennium Financial Group, Inc. (“Mlend”) announced today that they have requested regulatory non-objection for Mlend to become a wholly owned subsidiary of the Bank. The change was approved by all three councils.
“We believe it is in the best interests of the Company, the Bank and our shareholders that Millennium become a wholly owned subsidiary of the Bank instead of remaining a wholly owned subsidiary of the Company,” said Robert E. (BJ ) Goetz, President and Chief Executive Officer of the Company and the Bank. “This change in structure allows us to achieve significant cost savings and improve operational efficiency.”
President and CEO of Mlend, William H. Poffenbarger, Jr. said, “By becoming a wholly owned subsidiary of the Bank, we are realizing new synergies, with each entity retaining the strengths of its current brand in the markets it serves.
Middletown Valley Bank is a full-service commercial and retail bank with locations in the Maryland counties of Frederick, Garrettand Washingtonand in Franklin County, Pennsylvania. For more information, visit http://www.mvbbank.com/.
Mlend is a full-service mortgage lender with locations in Middletown, Crofton and Oakland, Maryland. For more information, visit http://mlend.com/.
This press release may contain forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements can generally be identified by the use of forward-looking terminology such as “believes”, “expects” , “intends,” “may,” “will,” “should,” “anticipates” or similar terminology. Such statements, particularly regarding the Company’s intentions for transparency, growth and expansion market, are subject to risks and uncertainties that could cause actual results to differ materially from any future results expressed or implied by such forward-looking statements. Potential risks and uncertainties include, but are not limited to, variations interest rates, stock market liquidity, deposit flows, loan demand and real estate values, as well as changes in economic factors. ical, competitive, governmental, regulatory, technological and other matters that may specifically affect the Company, its existing and target markets or the banking industry in general. The realization or occurrence of these risks or uncertainties could cause actual results to differ materially from those discussed in the forward-looking statements.
Contact with Investor Relations:
Community Heritage Financial, Inc.
Robert E. (BJ) Goetz, Jr.
President and CEO
SOURCE Community Heritage Financial, Inc.