Primis Bank sells minority interests to Southern Trust Mortgage

The transaction is expected to close in the fourth quarter

Posted

September 24, 2021

through

Catherine schulte

Primis Bank, based in Glen Allen, a wholly-owned subsidiary of McLean-based Primis Financial Corp., has reached an agreement to resell its minority stake to Southern Trust Mortgage LLC (STM), based in Virginia Beach, she said. announced Thursday. Primis Financial Corp. expects to record a pre-tax charge of approximately $ 2.9 million in the third quarter.

STM will buy back all the common holdings of Primis Bank and part of the bank’s preferred holdings in STM. At closing, STM will continue to be a borrower from Primis Bank, but the bank will no longer be a minority owner of STM. The transaction is expected to close in the fourth quarter.

Primis Bank was known as Sonabank until March, and Primis Financial Corp. under the name of Southern National Bancorp of Virginia Inc. As of June 30, Primis Financial Corp. had total assets of $ 3.4 billion, $ 2.49 billion in loans and $ 2.75 billion in deposits. Primis Bank has 41 branches in Virginia and Maryland.