Primis Announces Completion of Acquisition of SeaTrust Mortgage Company

Rhea-AI Summary

Primis Financial Corp. (NASDAQ: FRST) announced the completion of its acquisition of SeaTrust Mortgage Company, effective May 31, 2022. SeaTrust, which has been renamed Primis Mortgage Company, will operate as a wholly-owned subsidiary of Primis Bank. John Owens, former President of SeaTrust, is now the CEO of Primis Mortgage. As of March 31, 2022, Primis reported total assets of $3.22 billion, total loans of $2.39 billion, and total deposits of $2.69 billion. This acquisition aims to enhance Primis's market presence and service offerings.

Positive

• Acquisition of SeaTrust Mortgage Company strengthens Primis's market position.
• Total assets increased to $3.22 billion, providing a solid financial foundation.

Negative

• None.

GLEN ALLEN, Va., June 1, 2022 /PRNewswire/ -- Primis Bank (the "Bank"), the wholly-owned subsidiary of Primis Financial Corp. (NASDAQ: FRST) ("Primis" or the "Company"), has completed its acquisition, effective May 31, 2022, of SeaTrust Mortgage Company ("SeaTrust").  With the closing of the acquisition, SeaTrust now operates as a wholly-owned subsidiary of the Bank and has changed its name to Primis Mortgage Company ("Primis Mortgage").

John Owens, former President of SeaTrust, is now Chief Executive Officer of Primis Mortgage.  Margaret Kronmueller, former Chief Operating Officer of SeaTrust, remains in the same role with Primis Mortgage.

About SeaTrust Mortgage Company

SeaTrust Mortgage Company opened for business in February 2020, is headquartered in Wilmington, North Carolina, and has offices in Wilmington, Charlotte, Greensboro, and Jacksonville, North Carolina, Fort Lauderdale, Tampa, and Jacksonville, Florida, and Franklin and Nashville, Tennessee.

About Primis Financial Corp. and Primis Bank

As of March 31, 2022, Primis had $3.22 billion in total assets, $2.39 billion in total loans and $2.69 billion in total deposits. Primis Bank provides a range of financial services to individuals and small- and medium-sized businesses through forty full-service branches in Virginia and Maryland and provides services to customers through certain online and mobile applications.

Contacts:	Address:
Dennis J. Zember, Jr., President and CEO	Primis Bank
Matthew A. Switzer, EVP and CFO	10900 Nuckols Road, Suite 325
Phone: (703) 893-7400	Glen Allen, VA 23060
Primis Financial Corp., NASDAQ Symbol FRST
Website: www.primisbank.com

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SOURCE Primis Financial Corp.

FAQ

What acquisition did Primis Financial Corp. complete?

Primis Financial Corp. completed the acquisition of SeaTrust Mortgage Company, now known as Primis Mortgage Company.

When did Primis Financial announce the completion of the SeaTrust acquisition?

Primis Financial announced the completion of the SeaTrust acquisition on June 1, 2022.

What is the new role of John Owens after the acquisition?

John Owens, former President of SeaTrust, is now the CEO of Primis Mortgage Company.

How much total assets did Primis report as of March 31, 2022?

As of March 31, 2022, Primis reported total assets of $3.22 billion.