FM Bank Corp. in Timberville, Va., has acquired Valley Southern Title in Harrisonburg, Va.
The $745 million-asset parent of Farmers Merchants Bank closed its acquisition of the title company on Monday, according to a Wednesday news release. Terms were not disclosed.
FM Bank was interested in Valley Southern Title because the bank and its subsidiary VBS Mortgage, a mortgage loan originator in Harrisonburg, were only minority members in a separate title company. The acquisition of Valley Southern made sense because “we just wanted to have greater control and greater input” with its title company, Neil Hayslett, FM Bank’s chief administrative officer, said in an interview.
Valley Southern Title was founded in 1985 and provides title insurance and real estate settlement services.