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A community bank based in Queens, N.Y., is expanding to the DC area with hopes of courting Asian investors in Northern Virginia.
Quontic Bank is opening a loan production office at 8280 Willow Oaks Corporate Drive in Fairfax. The bank is bringing on Jeremy Holliday, who previously ran the Alexandria branch for Bank of California, as Virginia regional sales manager to lead its DC-area efforts.
The bank facilitates a large amount of Asian investment in real estate in Queens' Astoria neighborhood, where it is based. Holliday said the Fairfax area's large Asian population was a big part of Quontic's decision to open a branch in NoVa.
"That's one of the reasons they're so excited about opening in this market," Holliday said. "They see there is an untapped community and the potential for us to serve that community."
Holliday said Quontic, a federally chartered bank, offers credit to low-income borrowers who may not qualify for loans from big banks or mortgages from Fannie Mae and Freddie Mac. One of the bank's products that has been successful in Queens gives down payment assistance and other perks to homebuyers, which Holliday hopes to replicate in the DC area.
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