Primis will purchase 100% of the SeaTrust stock in an all-cash transaction. The transaction has been unanimously approved by the boards of each company and is expected to close May 31, 2022.
We are excited to share that Primis’ parent company, Primis Financial Corp. and SeaTrust Mortgage Company have announced their intent to enter into an agreement to join forces. The agreement, which is scheduled to close on May 31, 2022, will make SeaTrust Mortgage a subsidiary of Primis, forming the Primis Mortgage Division. This is an exciting opportunity that will benefit both organizations.
SeaTrust Mortgage CEO and Cofounder, John Owens shared, “Over the past several months, I’ve come to know and greatly respect the Primis Team. We’ve had long discussions about our like-minded priority on the customer’s satisfaction, and Primis’ tech-forward approach, financial strength, culture and growth aspirations. After understanding how Primis does business and the strong emphasis they place on their people, I realized that Primis needed to be in our future.”
Over the next few weeks the two teams will work together to transition materials and tools to the Primis brand, and create a solid and simple customer experience. Primis and SeaTrust Mortgage think alike and were both built with the mindset of putting people first. This alignment will make for a simple transition so that there is no disruption to customers, loans, and processing.
Primis CEO Dennis Zember shared, “We are all about giving more to our customers, and this agreement allows us to do just that. This means in-house underwriting and processing, a wide array of solutions, and the ability to expedite turnaround times and create positive experiences for potential homeowners. We’ll be able to serve more people with more options in more markets, which moves us materially closer to our vision of becoming a nationally recognized brand.”
Follow Primis on social media for up-to-date information about this agreement, and other important announcements.