Tallahassee, Fla.-based Capital City Bank agreed to acquire 51% of Brand Mortgage Group LLC.
Lawrenceville, Ga.-based BrandMortgage provides services in Alabama, Georgia, Florida, Maryland, Mississippi, North Carolina, South Carolina, Tennessee, Virginia and Washington, D.C. The deal will add 21 mortgage production offices to Capital City Bank's 57 full-service banking offices. After the deal closes, expected in the first quarter of 2020, BrandMortgage's services will be offered under the name Capital City Home Loans.
Under the terms of the deal, CEO and Managing Partner Greg Shumate will be elected as an officer of Capital City Bank, and the company will continue to operate independently from its headquarters. Shumate and Alex Koutouzis, president and managing partner of BrandMortgage, will continue to lead the company.
Financial terms of the deal were not disclosed.