Colony Bank Signs Definitive Agreement to Acquire PFB Mortgage
Wednesday, April 17th, 2019
Colony Bank, the banking subsidiary of Colony Bankcorp, Inc., announced that it has signed an agreement to acquire PFB Mortgage, the secondary market mortgage business of Planters First Bank. The Company expects all staff, including seven originators in Albany, Athens, Macon, and Warner Robins, to remain with Colony, along with eight support personnel. Jesse Kight, currently President of PFB Mortgage, will become Senior Vice President of Colony and President of its mortgage division, and Teresa Gainey will become Group Vice President and Director of Mortgage Operations for Colony.
The transaction, which does not require regulatory approval, is expected to close on or about May 1, 2019. It includes all pipeline loans, and customers will not be affected as loans will close and be processed as normal. Planters First Bank will retain closed loans not yet sold (loans held for sale). The terms of the transaction were not disclosed.
Commenting on the announcement, T. Heath Fountain, President and Chief Executive Officer, said, "We are pleased to announce the acquisition of PFB Mortgage. Coupled with our announcement last month to establish a mortgage loan origination office in LaGrange, led by The Whatley Team, this transaction will provide considerable scale and momentum to our mortgage loan operations. Since the PFB Mortgage team originated more than $100 million in mortgage loans last year, we anticipate our combined mortgage team should exceed $200 million annually going forward. We are excited to welcome the PFB Mortgage team to Colony Bank."