NASHVILLE, Tenn.--(BUSINESS WIRE)--FB Financial Corporation’s (NYSE: FBK) wholly-owned subsidiary, FirstBank, announced today that it has completed the sale of its correspondent lending channel to Rushmore Loan Management Services LLC (“Rushmore”).
FirstBank completed the sale of its third party origination channel to Renasant Bank on June 7, 2019. With the sale of the correspondent channel to Rushmore, the mortgage restructuring announced on April 1, 2019 has been completed.
FB Financial’s President and CEO Chris Holmes stated, “I want to thank those former associates who have transitioned to other entities for their time and contributions at FirstBank. We are pleased to have completed the restructuring of our mortgage operations, and we look forward to focusing our attention on our customer centered retail and Consumer Direct channels.”
Stratmor Group served as financial advisor to FirstBank.
ABOUT FB FINANCIAL CORPORATION
FB Financial Corporation (NYSE: FBK) is a bank holding company headquartered in Nashville, Tennessee. FB Financial operates through its wholly owned banking subsidiary, FirstBank, the third largest Tennessee-headquartered community bank, with 66 full-service bank branches across Tennessee, North Alabama and North Georgia, and mortgage offices across the Southeast. FirstBank serves five of the largest metropolitan markets in Tennessee and has approximately $5.9 billion in total assets.
Certain of the statements made in this press release may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The words “expect,” “anticipate,” “intend,” “plan,” “believe,” “seek,” and “estimate,” and similar expressions, are intended to identify such forward-looking statements, but other statements not based on historical information may also be considered forward-looking, including statements about the company’s ability to successfully complete the disposition of either of the third party origination or correspondent channels.
All forward-looking statements are subject to risks, uncertainties, and other factors that may cause the actual results, performance, or achievements to differ materially from any results, performance, or achievements expressed or implied by such forward-looking statements. Such risks, uncertainties, and other factors include, among others, (1) our ability to consummate the sale of the correspondent channel, (2) our ability to compete the transaction in the time expected, (3) any anticipated benefits to be derived from either the sale of the correspondent channel or the third party origination channel, (4) the possibility that the amount of the restructuring charges related to the proposed transactions may be greater than anticipated, including as a result of unexpected or unknown factors, events, or liabilities, (5) disruption from the transactions with customer, vendor, or employee relationships, and (6) the occurrence of any event, change, or other circumstances that could give rise to the termination of the agreement to sell the correspondent channel. Additional factors which could affect the forward-looking statements can be found in FB Financial’s annual report on Form 10-K, quarterly reports on Form 10-Q, and current reports on Form 8-K, in each case filed with the SEC and available on the SEC’s website at http://www.sec.gov. FB Financial disclaims any obligation to update or revise any forward-looking statements contained in this press release, which speak only as of the date hereof, whether as a result of new information, future events, or otherwise.