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Reliant Bank enters into mutual cooperation agreement with BBMC Mortgage

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Reliant Bank enters into mutual cooperation agreement with BBMC Mortgage

Brentwood, Tenn.-based ReliantBank entered into a mutual cooperation agreement with , according to a Form8-K filed April 8.

The two parties, which are units of Commerce Union Bancshares Inc. and Bridgeview Bancorp Inc., respectively, entered into the agreementApril 5.

Under the agreement, Reliant will cease operations of its mortgagelending offices in Schaumburg, Ill.; Columbus and Reynoldsburg, Ohio; and Louisville,Ky., in addition to a small support office in Brentwood, Tenn. Employees in theselocations will become employees of BBMC, and BBMC will assume certain lease obligationsof Reliant in connection with these locations. In addition, the employees transitioningfrom Reliant to BBMC do not have non-compete agreements with Reliant and will bereleased from any existing non-solicit agreements, provided that no customers forwhom Reliant has funded residential mortgage loans will be refinanced by BBMC fora minimum period of 180 days from funding. Furthermore, BBMC will not solicit anyReliant employees other than the employees at these locations.

The transition of the offices and personnel from Reliant to BBMCis set to be completed by April 30. Reliant will receive no compensation in connectionwith the agreement, and Commerce Union does not expect to book any gain or lossfrom the transaction.