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Banking & Finance

Community First Bank sells SeaTrust Mortgage

Banking & Finance
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Community First Bancorporation, the parent company of Community First Bank Inc., sold the bank's subsidiary, SeaTrust Mortgage Co., to Primis Bank of Glen Allen, Va., in an all-cash transaction, according to a news release from Seneca-based Community First. SeaTrust will rebrand to Primis Mortgage.

SeaTrust opened for business in February 2020, is headquartered in Wilmington, N.C., and has North Carolina offices in Wilmington, Charlotte, Greensboro and Jacksonville; Florida offices in Fort Lauderdale, Tampa and Jacksonville; and an office in Nashville.

"At this time in the economic cycle we are happy to remove ourselves from the volatility of the mortgage market outside of our core banking footprint,” Richard D. Burleson, president and CEO of Community First, said in the news release. “We believe with our Freddie Mac capabilities and our in-house mortgage products available in our retail banking centers, we remain fully capable of managing the needs of our customers. 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 Seneca, Walhalla, Anderson, Williamston, Westminster and Greenville, two banking offices in North Carolina in Charlotte and Dallas, two banking offices in Elizabethton, Tenn., and two loan production offices in Waynesville, N.C., and Kingsport, Tenn.

Community First Bank Inc. was advised by D. A. Davidson & Co. as financial adviser and Brooks, Pierce, McLendon, Humphrey & Leonard LLP as legal counsel.

Reach Ross Norton at 864-720-1222.

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