Monarch Financial Holdings Inc., the parent of Monarch Bank in Chesapeake, Va., announced the formation of a company Wednesday focused on investment management and insurance.
Darin M. Ely is to join the bank's management team and become president of Virginia Asset Group LLC, Monarch said. The new company is to operate in "partnership" with the bank's investment and insurance program, it said in a press release.
Virginia Asset Group is to start out with seven licensed investment and insurance professionals serving Hampton Roads, Va., and the Outer Banks of North Carolina from a headquarters in Virginia Beach. Services will also be available through Monarch Bank's branch network, which comprises two offices in Chesapeake, three in Virginia Beach, and three in Norfolk, Va.
