TowneBank Mortgage to combine with Richmond firm

Posted to: Banking Business
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By Tom Shean
The Virginian-Pilot
© October 26, 2011

TowneBank, the largest bank based in Hampton Roads, said Tuesday that its residential mortgage division will absorb a Richmond-based mortgage company that operates in several Virginia and eastern North Carolina markets.

TowneBank said the company, Benchmark Mortgage Inc., will become part of TowneBank Mortgage on Nov. 1. All 52 of Benchmark's employees will become part of TowneBank Mortgage, it said.

Terms of the transaction were not disclosed. Benchmark, which opened in 1990, has offices in Virginia Beach and Hampton.

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