CHESAPEAKE, Va., April 23, 2013 (GLOBE NEWSWIRE) -- Monarch Mortgage, a division of Monarch Bank and Monarch Financial Holdings, Inc. (Nasdaq:MNRK), today announced that the company has signed a marketing agreement to provide mortgage banking services for the clients of Rose & Womble Realty Company, and is planning to form a joint venture to support a long-term mortgage partnership. RealEstate Magazine recently ranked Rose & Womble Realty Company the #96 REALTOR® firm in the nation.
Rose & Womble Realty Company is one of the top residential real estate companies in Hampton Roads, with over 600 local real estate agents and supporting personnel in resale, property management, relocation, new homes and marketing services. Rose & Womble Realty also has other affiliated partnerships in title and settlement, market research, and land planning and development. "After a national search for a mortgage partner, we selected Monarch Mortgage because it is a local bank that shares the same customer service value and commitment to the community that we do." noted Ron Foresta, President, Resale Division
"We are honored to be selected as the mortgage partner for Rose & Womble Realty," stated William T. Morrison, Monarch Mortgage CEO. "We have had great experience partnering with real estate companies in the past, and expect this new relationship to drive a strong volume of purchase money mortgages to Monarch to offset the expected decline in refinance volume in the coming years."
Rose & Womble was formed on June 1, 1998 when Rose & Krueth Realty Corp. and Womble Realty merged to become YOUR LOCAL Real Estate Resource in Hampton Roads, Virginia. Today the company has over 600 sales associates serving the region from 9 resale offices. The New Homes Division markets over sixty (60) new home communities from Williamsburg to Northeast, North Carolina. The Property Management Division manages over 1,500 rentals and the company boasts an award-winning Relocation Division. Rose & Womble's affiliated partners will include Monarch Mortgage, Advance Title & Abstract, Inc., Residential DataBank, Land Planning Solutions and Real Referral, Inc. Rose & Womble Realty Co. Principals are Art Zachary, President, Chief Executive Officer and Chief Operating Officer; J. Van Rose, President, New Homes Division; and Ron Foresta, President, Resale Division.
Monarch Financial Holdings, Inc. is the one-bank holding company for Monarch Bank. Monarch Bank is a community bank with eleven banking offices in Chesapeake, Norfolk, Suffolk, Virginia Beach, and Williamsburg, Virginia. OBX Bank, a division of Monarch Bank, operates offices in Kitty Hawk and Nags Head, North Carolina. Monarch Mortgage and our affiliated mortgage companies have thirty offices with locations in Virginia, North Carolina, Maryland, and South Carolina. Our subsidiaries/ divisions include Monarch Bank, Monarch Bank Private Wealth (Private banking, trust and investments), OBX Bank, Monarch Mortgage (secondary mortgage origination), Coastal Home Mortgage, LLC (secondary mortgage origination), Regional Home Mortgage, LLC (secondary mortgage origination), Monarch Home Funding, LLC (secondary mortgage origination), Monarch Investments (investment and insurance solutions), Real Estate Security Agency, LLC (title agency) and Monarch Capital, LLC (commercial mortgage brokerage). The shares of common stock of Monarch Financial Holdings, Inc. are publicly traded on the NASDAQ Capital Market under the symbol MNRK.