Primis Financial (FRST) Announces Sale of Minority Interest in Southern Trust Mortgage
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Primis Bank (the "Bank"), the wholly-owned subsidiary of Primis Financial Corp. (NASDAQ: FRST) ("Primis" or the "Company"), announced today that it has entered into an agreement with Southern Trust Mortgage, LLC ("STM"), a regional mortgage banking company and an affiliate of the Bank, whereby STM will repurchase all of the Bank's common membership interests and a portion of the Bank's preferred interests in STM. At closing, STM will continue to be a borrower of the Bank, but the Bank will no longer be a minority owner of STM.
The Company expects to record a pre-tax charge of approximately $2.9 million related to the transaction in the third quarter of 2021. The Company will also no longer accrue earnings related to the Bank's common membership interests in STM. The transaction is expected to close in the fourth quarter of 2021.
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