Atlantic Coast Mortgage, LLC, (ACM) is set to acquire Tidewater Mortgage Services, Inc., in a strategic move for both companies.
ACM is an independent mortgage lender licensed in 40 states, primarily engaged in the origination of 1-4 family residential mortgage loans and construction loans. Tidewater is a mortgage lender based in coastal Virginia, serving the Mid‑Atlantic and Southeast regions.
“This acquisition represents an important step in ACM’s mission to empower people to build brighter futures through homeownership,” ACM President and co-founder Jon Coy said in a press release. “Tidewater’s deep roots and outstanding reputation across the Mid‑Atlantic align perfectly with our vision and values. Together, we will deliver an exceptional mortgage experience on a larger scale while continuing to give back to the communities we serve.”
With the two companies coming together, the companies’ leadership teams hope to benefit from a combination of ACM’s “innovative, client-focused lending model and broad product suite” and TMS’s “strong reputation for excellent customer service and community engagement,” according to the release.
“Tidewater has grown significantly over the past 25 years,” Tidewater President Rob Runnells said. “Joining ACM allows us to expand our reach and product offerings while preserving our culture. Our clients will benefit from ACM’s advanced technology platform and national resources, and I think our employees will appreciate the new opportunities for growth.”