Community First Bancorporation the parent company of Community First Bank Inc. and the Bank’s subsidiary SeaTrust Mortgage Company announced today an agreement for the sale of SeaTrust to Primis Bank, Glen Allen, Virginia.
Primis will purchase 100% of the SeaTrust stock in a cash transaction. The transaction has been unanimously approved by the Board of Directors of each company and is expected to close May 31, 2022, subject to the satisfaction or waiver of customary closing conditions.
SeaTrust opened for business in February 2020, is headquartered in Wilmington, North Carolina, and has offices in Wilmington, Charlotte, Greensboro, and Jacksonville, North Carolina, Fort Lauderdale, Tampa, and Jacksonville, Florida, and Franklin and Nashville, Tennessee.
Richard D. Burleson, President and CEO of Community First, stated: “The sale of SeaTrust is bittersweet. We built a great team of mortgage lenders and a sophisticated technology platform for mortgage originations. However, with our acquisition in 2021 of Security Federal Bank, in Elizabethton, Tennessee we have been able to expand our inhouse mortgage products and now find a reduced need for a mortgage subsidiary. This sale will allow the Bank to focus its resources on expanding its commercial, retail and small business lending offerings in the communities we serve.”
Community First Bank Inc., a South Carolina chartered community bank, operates eight banking offices in the South Carolina communities of Seneca, Walhalla, Anderson, Williamston, Westminster, and Greenville, two banking offices in North Carolina in Charlotte and Dallas, two banking offices in Elizabethton, Tennessee and two loan production offices in Waynesville, North Carolina and Kingsport, Tennessee.
