Mortgage Investors Corporation
Mortgage Investors Corporation Headquarters Location
Saint Petersburg
About Mortgage Investors Corporation
Union First Market Bankshares is the holding company for Union Bank & Trust, which operates approximately 100 branches in central, northern, and coastal portions of Virginia. The bank offers standard services such as checking and savings accounts, credit cards, and certificates of deposit. Union Bank & Trust maintains a loan portfolio heavily weighted towards real estate: Commercial real estate loans make up more than 30%, while one- to four-family residential mortgages and construction loans account for approximately 15% and 20%, respectively. The bank also originates personal and business loans.
Other financial services are provided through subsidiaries Union Investment Services (brokerage and investment advisory services through an arrangement with Raymond James Financial), Union Insurance Group (long-term care and business owner coverage), and Union Mortgage Group, which provides mortgage brokerage services from about 15 offices.
Union First Market Bankshares primarily operates in Virginia. Its Union Mortgage Group provides mortgage brokerage services from offices in Virginia, Maryland, and the Carolinas. Union Mortgage is additionally licensed to operate in states in the Mid-Atlantic, the Southeast, and in Washington, DC.
The company's profits have risen dramatically due to the 2010 acquisition of First Market Bank. In 2010 profits nearly tripled (to $22.9 million from the 2009 earnings of $8.4 million), while in 2011 they rose a further 33% to $30.5 million. The acquisition led to an increase in net interest income, a primary contributor to the company's growth. Also in 2011, Union First lowered it provision for loan losses as its loan portfolio continued to improve post-recession. Expenses that year were lower than in 2010, when the acquisition closed. Slightly offsetting the improvements, mortgage earnings fell by nearly half in 2011, due to the stagnant residential mortgage market.Although profits have risen, revenues have remained relatively flat, falling 2% in 2011 to $232.9 million.
Union First Market Bankshares' strategy for growth includes buying other banks as well as opening new branches of its own. Then named Union Bank and Trust, the company acquired First Market Bank in 2010 to nearly double its branch total. (The holding company then also added "First Market" to its name and moved its headquarters to Richmond.) The company has also grown through de novo branching and through purchases of branches and related companies. It acquired an existing branch in Harrisonburg, plus some $74 million in loan assets, from NewBridge Bank in 2011.
Also that year, the bank opened up seven new locations inside Martin's grocery stores, where it already had more than 20 in-store branches. In the past couple of years, the company has consolidated its bank subsidiaries, creating operating efficiencies as well as a stronger, unified brand.
Virginia-based specialty insurer Markel Corporation owns 14% of Union First Market Bankshares.
Other financial services are provided through subsidiaries Union Investment Services (brokerage and investment advisory services through an arrangement with Raymond James Financial), Union Insurance Group (long-term care and business owner coverage), and Union Mortgage Group, which provides mortgage brokerage services from about 15 offices.
Union First Market Bankshares primarily operates in Virginia. Its Union Mortgage Group provides mortgage brokerage services from offices in Virginia, Maryland, and the Carolinas. Union Mortgage is additionally licensed to operate in states in the Mid-Atlantic, the Southeast, and in Washington, DC.
The company's profits have risen dramatically due to the 2010 acquisition of First Market Bank. In 2010 profits nearly tripled (to $22.9 million from the 2009 earnings of $8.4 million), while in 2011 they rose a further 33% to $30.5 million. The acquisition led to an increase in net interest income, a primary contributor to the company's growth. Also in 2011, Union First lowered it provision for loan losses as its loan portfolio continued to improve post-recession. Expenses that year were lower than in 2010, when the acquisition closed. Slightly offsetting the improvements, mortgage earnings fell by nearly half in 2011, due to the stagnant residential mortgage market.Although profits have risen, revenues have remained relatively flat, falling 2% in 2011 to $232.9 million.
Union First Market Bankshares' strategy for growth includes buying other banks as well as opening new branches of its own. Then named Union Bank and Trust, the company acquired First Market Bank in 2010 to nearly double its branch total. (The holding company then also added "First Market" to its name and moved its headquarters to Richmond.) The company has also grown through de novo branching and through purchases of branches and related companies. It acquired an existing branch in Harrisonburg, plus some $74 million in loan assets, from NewBridge Bank in 2011.
Also that year, the bank opened up seven new locations inside Martin's grocery stores, where it already had more than 20 in-store branches. In the past couple of years, the company has consolidated its bank subsidiaries, creating operating efficiencies as well as a stronger, unified brand.
Virginia-based specialty insurer Markel Corporation owns 14% of Union First Market Bankshares.
Number of Employees in Mortgage Investors Corporation
1,001 to 5,000
Mortgage Investors Corporation Revenue
$5B to $10B (USD)
Industry