The Bank of Glen Burnie, a Maryland chartered bank and wholly-owned subsidiary of Glen Burnie Bancorp, has entered into a Stock Purchase Agreement with Eric Tan for the acquisition of VA Wholesale Mortgage Incorporated (VAWM). Under this agreement, the bank will purchase 100% of the issued and outstanding stock of VAWM for a cash consideration of $750,000. Additionally, the seller, Eric Tan, will receive 33% of VAWM's net earnings along with 4 basis points on closed loan volume for three years following the closing date. The transaction is anticipated to be finalized in early August 2025. As part of the deal, Eric Tan will assume the role of president of VAWM, overseeing its daily operations. The agreement includes customary representations, warranties, and covenants, with the closing contingent upon obtaining necessary regulatory approvals.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.