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Primis Bank Taps Industry Veterans to Lead New Warehouse Lending Division

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Primis Bank announces the expansion of its Warehouse Lending Division under new division president Drey Roberts, who joins from a Texas regional bank where he managed over $1.0 billion in monthly loan balances. Roberts and his team have already secured over 40 new clients nationwide since early October. The expansion aims to boost non-CRE oriented loans and commercial deposits as mortgage volumes are expected to improve. As of September 30, 2024, Primis Financial Corp. had $4.0 billion in total assets, $2.9 billion in total loans, and $3.3 billion in total deposits.

Primis Bank annuncia l'espansione della sua Divisione di Prestiti per Magazzini sotto la leadership del nuovo presidente di divisione Drey Roberts, che proviene da una banca regionale del Texas dove gestiva oltre 1,0 miliardi di dollari in saldi di prestiti mensili. Roberts e il suo team hanno già assicurato oltre 40 nuovi clienti a livello nazionale dalla metà di ottobre. L'espansione mira a incrementare i prestiti non orientati ai CRE e i depositi commerciali, poiché si prevede un miglioramento dei volumi ipotecari. A partire dal 30 settembre 2024, Primis Financial Corp. deteneva 4,0 miliardi di dollari in attivi totali, 2,9 miliardi di dollari in prestiti totali e 3,3 miliardi di dollari in depositi totali.

Primis Bank anuncia la expansión de su División de Préstamos de Almacén bajo el nuevo presidente de división Drey Roberts, quien se une desde un banco regional en Texas donde gestionaba más de 1.0 mil millones de dólares en saldos de préstamos mensuales. Roberts y su equipo ya han asegurado más de 40 nuevos clientes a nivel nacional desde principios de octubre. La expansión tiene como objetivo impulsar los préstamos no orientados a CRE y los depósitos comerciales, ya que se espera que los volúmenes hipotecarios mejoren. Al 30 de septiembre de 2024, Primis Financial Corp. tenía 4.0 mil millones de dólares en activos totales, 2.9 mil millones de dólares en préstamos totales y 3.3 mil millones de dólares en depósitos totales.

프리미스 뱅크창고 대출 부서의 확장을 발표했습니다. 이 부서는 텍사스 지역 은행에서 월 평균 10억 달러 이상의 대출 잔액을 관리했던 드레이 로버츠(Drey Roberts)가 새 부서장으로 임명되었습니다. 로버츠와 그의 팀은 10월 초 이후로 이미 전국적으로 40명 이상의 새로운 고객을 확보했습니다. 이번 확장은 CRE(상업용 부동산) 중심이 아닌 대출과 상업 예금을 증가시키는 것을 목표로 하며, 주택 담보 대출의 규모가 개선될 것으로 예상됩니다. 2024년 9월 30일 기준으로 프리미스 파이낸셜 코프는 총 자산 40억 달러, 총 대출 29억 달러, 총 예금 33억 달러를 보유하고 있었습니다.

Primis Bank annonce l'expansion de sa Division de Prêts de Stockage sous la direction du nouveau président de division Drey Roberts, qui rejoint l'établissement après avoir dirigé une banque régionale au Texas où il gérait plus de 1,0 milliard de dollars en soldes de prêts mensuels. Roberts et son équipe ont déjà sécurisé plus de 40 nouveaux clients à l'échelle nationale depuis début octobre. L'expansion vise à augmenter les prêts non orientés vers les CRE et les dépôts commerciaux, alors que les volumes hypothécaires devraient s'améliorer. Au 30 septembre 2024, Primis Financial Corp. avait 4,0 milliards de dollars d'actifs totaux, 2,9 milliards de dollars de prêts totaux et 3,3 milliards de dollars de dépôts totaux.

Primis Bank kündigt die Erweiterung seiner Abteilung für Lagerdarlehen unter dem neuen Abteilungsleiter Drey Roberts an, der von einer regionalen Bank in Texas kommt, wo er über 1,0 Milliarden Dollar an monatlichen Darlehenssalden verwaltete. Roberts und sein Team haben bereits seit Anfang Oktober über 40 neue Kunden landesweit gewonnen. Die Erweiterung zielt darauf ab, nicht-CRE-orientierte Darlehen und Gewerbedepositen zu fördern, da eine Verbesserung der Hypothekenvolumina erwartet wird. Zum 30. September 2024 hatte Primis Financial Corp. 4,0 Milliarden Dollar an Gesamtvermögen, 2,9 Milliarden Dollar an Gesamtdarlehen und 3,3 Milliarden Dollar an Gesamteinlagen.

Positive
  • Secured over 40 new nationwide clients within first month of operation
  • New division leader brings track record of managing $1.0B+ monthly loan balances
  • Expansion into warehouse lending diversifies from CRE loans
  • Strong asset base with $4.0B in total assets and $2.9B in loans
Negative
  • None.

Insights

The launch of Primis Bank's Warehouse Lending Division marks a strategic expansion into a profitable niche market. The hiring of Drey Roberts, who previously managed a $1 billion monthly loan portfolio, signals serious commitment to this initiative. Warehouse lending, which provides short-term funding to mortgage originators, typically generates high-yield returns and significant fee income while maintaining relatively low risk due to quick turnover.

The rapid onboarding of 40+ clients demonstrates strong market demand and efficient execution. With $4.0 billion in total assets and $2.9 billion in loans, this new division could meaningfully impact Primis's earnings. The timing appears opportune as mortgage volumes are expected to improve, according to FNMA and FHLMC forecasts. This diversification away from CRE exposure while building commercial deposits strengthens the bank's overall portfolio mix.

MCLEAN, Va., Oct. 30, 2024 /PRNewswire/ -- Primis Bank is excited to announce the expansion of its Warehouse Lending Division under the leadership of division president Drey Roberts. This expanded team and line of business will give Primis the capabilities to capitalize on this critical section of the mortgage market with offerings that should boost non-CRE oriented loans and commercial deposits.

Roberts and his team joined Primis from a large regional bank in Texas, where Roberts was the national sales manager of its successful warehouse lending division for just under a decade, averaging more than $1.0 billion in monthly loan balances and substantial commercial deposits. He and his team bring enormous technical expertise and reputation in the industry and will be very accretive to the Primis culture and brand.

"What stood out to me the most about Primis was how much executive leadership understands the values and risks of warehouse lending," Roberts said. "The team at Primis has substantial experience and success in this industry, and their excitement and knowledge during our early conversations made it apparent that this partnership would be a successful one.  Some of our best customers have met the executive team and understand that this is a bank that will partner with them for the long-term."

Projections from national mortgage authorities like FNMA and FHLMC predict continued improvement in mortgage volumes over the coming years.  The expanded Warehouse Lending Division will give Primis a distinct advantage as the mortgage market continues to expand.  Since joining Primis in early October, Roberts and his team have quickly secured over 40 new clients from across the U.S., positioning Primis Bank as a critical funding partner for mortgage companies nationwide.           

"I believe we have positioned ourselves in a very good place in this important industry.  I am very excited to have Drey and his team in our Company, and I am inspired by their ambition and dedication to their long-time customers.  Having met a dozen or so of their clients in person and seeing how fast we have on-boarded them from application to real funding, I am convinced that we can move the needle on profitability and operating results," Primis Bank CEO Dennis Zember said.

To learn more about the Primis Warehouse Lending Division, visit primisbank.com.

About Primis Bank

As of September 30, 2024, Primis Financial Corp. had $4.0 billion in total assets, $2.9 billion in total loans held for investment and $3.3 billion in total deposits. Primis Bank, the Company's banking subsidiary, provides a range of financial services to individuals and small- and medium-sized businesses through twenty-four full-service branches in Virginia and Maryland and through certain internet and mobile applications.

Contacts:


Address:

Dennis J. Zember, Jr., President and CEO         


Primis Financial Corp.

Matthew A. Switzer, EVP and CFO



Mandi Gilbert, SVP and Director of Marketing


1676 International Drive, Suite 900

Phone: (703) 893-7400     


McLean, VA 22102

 

Primis Financial Corp., NASDAQ Symbol FRST
Website: www.primisbank.com

Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/primis-bank-taps-industry-veterans-to-lead-new-warehouse-lending-division-302291733.html

SOURCE Primis Financial Corp.

FAQ

What is the total asset value of Primis Financial Corp (FRST) as of September 30, 2024?

Primis Financial Corp (FRST) reported total assets of $4.0 billion as of September 30, 2024.

How many new clients has Primis Bank's Warehouse Lending Division secured since October 2024?

The Warehouse Lending Division has secured over 40 new clients from across the U.S. since early October 2024.

What was Drey Roberts' previous experience before joining Primis Bank's Warehouse Lending Division?

Drey Roberts was previously the national sales manager of a warehouse lending division at a large regional bank in Texas, where he managed more than $1.0 billion in monthly loan balances for nearly a decade.

Primis Financial Corp.

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