NewDominion Bank in Charlotte, N.C., has opened a mortgage division as part of its comeback effort.
The division will complement existing construction-to-permanent loan products and offer borrowers additional financing options such as conventional, jumbo, Federal Housing Administration and Department of Veterans Affairs mortgages, the company said in a news release.
Scott Jenkins, the managing partner of Bridgewater Capital, has been hired to oversee NewDominion's mortgage business.
"We are off to a fast-paced start with our current team," Jenkins said in the release. "Our main goal over the next 12 months is to expand our sales force and operational staff."
Just four years ago, NewDominion was struggling. The Federal Deposit Insurance Corp. hit it with a consent order in October 2010 that mandated new management along with several other requirements. The bank hired longtime community banker John Hipp as chief executive, and he brought in other new managers in 2011.
NewDominion has worked to restore its balance sheet and completed a $10.5 million capital raise a year ago.
NewDominion had $278 million in assets at March 31. It has two branches in North Carolina.