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Southeast Originator Up For Sale

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An East Coast bank hopes to sell a mortgage banking subsidiary with operations from Florida to Maryland.

Gateway Bank Mortgage Inc. is up for sale.

A sister insurance company, Gateway Insurance Services Inc., is also on the block as are 10 branches of Bank of Hampton Roads and Gateway Bank located in North Carolina and Virginia.

Parent Hampton Roads Bankshares Inc. disclosed its intention to unload the subsidiaries in a filing with the Securities and Exchange Commission.

Hampton Roads picked up the Gateway group with its May 2009 acquisition of Gateway Bank & Trust Co.

Gateway Bank Mortgage says it offers conventional, government and jumbo mortgages. The lender reports doing business in Florida, Georgia, Maryland, North Carolina, South Carolina and Virginia.

“The purpose of the proposed sale of branches and businesses is to focus on the company’s community banking business in its core markets and further reduce its expense base,” the filing stated. “However, there can be no assurance that the sales of these branches or the mortgage and insurance businesses will occur, and if such sales occur, that the sales will be on terms and conditions that are favorable to the company.”

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