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INVESTMENT IN FM MORTGAGE, LLC
12 Months Ended
Dec. 31, 2021
INVESTMENT IN FM MORTGAGE, LLC  
NOTE 24. INVESTMENT IN F&M MORTGAGE, LLC

NOTE 24 INVESTMENT IN F&M MORTGAGE, LLC

 

On November 3, 2008, the Bank acquired a 70% ownership interest in VBS Mortgage, LLC (DBA F&M Mortgage). On April 30, 2020, the bank acquired the remaining 30% interest to have 100% ownership of F&M Mortgage. F&M Mortgage originates both conventional and government sponsored mortgages for sale in the secondary market. The Company consolidated the assets, liabilities, revenues and expenses of F&M Mortgage in its consolidated financial statements as of December 31, 2021 and 2020.