Atlantic Bay Mortgage Group has agreed to buy a majority stake in Virginia Community Bank in a rare instance of a nondepository mortgage company buying a bank, rather than the reverse.
The company agreed to buy MainSource Financial in Indiana for $1 billion, creating a Midwestern bank that will have more than 200 branches and $13 billion in assets.
The New Jersey bank is looking to raise offensive capital just months after its deal to be sold to Investors Bancorp was terminated. Investors was tripped up by regulatory concerns tied to Bank Secrecy Act and anti-money-laundering compliance.
