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Monarch Mortgage Expands in Carolinas

CHESAPEAKE, Va., Sept 29, 2009 /PRNewswire-FirstCall via COMTEX/ -- Monarch Mortgage, a division of Monarch Bank and one-bank holding company Monarch Financial Holdings, Inc. (MNRK, Trade ), recently opened three full-service mortgage offices in North Carolina and South Carolina.

Monarch Mortgage opened its Charlotte, North Carolina office, located at 7900 Matthews Mint Hill Road, Suite 115, representing the company's second entrance into the North Carolina market, following OBX Bank Mortgage, affiliated mortgage company, on the Outer Banks of North Carolina. In addition, the company marked its 17th location with the opening of its Wilmington, North Carolina office, located at 1427 Military Cutoff Road, Suite 207, and its 18th location with the opening of its Greenwood, South Carolina office, located at 224-A West Cambridge Avenue.

The Monarch Mortgage Carolina management team of Robert O'Bday, Ritchie Love and Daryl Watson represents over 45 years of combined experience in the mortgage industry. The Charlotte office serves as the Carolina headquarters supervising over 20 loan officers, Trent Reed and Jeff Schutte will manage the Wilmington office and Lindsey DeTreville will manage the Greenwood office.

"We're very pleased to continue our expansion in North Carolina and bring a full-range of mortgage services to more residents throughout the Carolinas," said Ted Yoder, president of Monarch Mortgage. "Monarch's expertise lies in offering a solution to every homebuyers need. Our mission of providing superior client service will help strengthen our position in the Carolina market."

Monarch Mortgage offers a full range of mortgage and home equity products including FHA, VA, conventional, construction-perm, VHDA and USDA mortgage loans. The new full-service mortgage office is based on the traditional ways of 'locals serving locals' banking philosophy offering in-house underwriting and processing.

About Monarch

Monarch Financial Holdings, Inc. is the one-bank holding company for Monarch Bank. Monarch Bank is a community bank with two offices in Chesapeake, four offices in Virginia Beach, and two offices in Norfolk, Virginia. OBX Bank, a division of Monarch Bank, operates one office in Kitty Hawk, North Carolina. Services are also provided through over fifty ATMs located in the South Hampton Roads area and the Outer Banks of North Carolina, and "Monarch Online" consumer and business internet banking (monarchbank.com and OBXBank.com). Monarch Mortgage and our affiliated mortgage companies (Coastal Home Mortgage, LLC, Home Mortgage Solutions, LLC and OBX Bank Mortgage) have 18 offices with locations in Chesapeake, Fredericksburg, Norfolk, Richmond, Suffolk, and Virginia Beach (2), Virginia as well as Bowie, College Park, Crofton, Gaithersburg, Rockville (2), and Waldorf, Maryland and Charlotte, Kitty Hawk and Wilmington, North Carolina and Greenwood, South Carolina. Our subsidiaries/divisions include Monarch Capital, LLC (commercial mortgage brokerage), Monarch Investments (investment and insurance solutions), and Real Estate Security Agency, LLC (title agency). The shares of Monarch Financial Holdings, Inc. "MNRK" are publicly traded on the NASDAQ Capital Market.

SOURCE Monarch Mortgage