Virginia-based Primis Bank to acquire North Carolina-based SeaTrust Mortgage

Virginia-based Primis Bank, a subsidiary of Primis Financial Corp., agreed to acquire 100% of the issued and outstanding capital stock of SeaTrust Mortgage Co. in an all-cash deal.

North Carolina-based SeaTrust Mortgage is a unit of South Carolina-based Community First Bank Inc., which in turn is a subsidiary of Community First Bancorp.

In a news release, Community First President and CEO Richard Burleson said with the acquisition of Tennessee-based Security Federal Bank in 2021, the company has been able to expand its in-house mortgage products and "now find a reduced need for a mortgage subsidiary." The sale of SeaTrust Mortgage will allow Community First Bank to focus its resources on expanding its commercial, retail and small business lending offerings, according to Burleson.

Primis Financial anticipates closing the acquisition in the second quarter. Community First stated in its news release that the transaction is expected to close May 31.

SeaTrust Mortgage President John Owens and COO Margaret Kronmueller will remain with the company as CEO and COO, respectively, as it rebrands to Primis Mortgage and embarks on a new growth strategy, according to a news release from Primis Financial.