Colony Bank, which operates 27 branches throughout Georgia, is set to grow its mortgage business, as the bank announced this week that it plans to acquire PFB Mortgage, the secondary market mortgage business of Planters First Bank.
According to Colony Bank, the company expects all of PFB Mortgage’s staff, including seven originators in Albany, Athens, Macon, and Warner Robins, along with eight support personnel, to remain with Colony.
Upon completion of the deal, Jesse Kight, who is currently president of PFB Mortgage, will become senior vice president of Colony and president of its mortgage division.
Additionally, Teresa Gainey will become group vice president and director of mortgage operations for Colony.
According to Colony Bank, PFB Mortgage originated more than $100 million in mortgages last year, and the bank expects the addition to help double its mortgage business in the future.
“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,” T. Heath Fountain, Colony Bank president and CEO, said.
“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,” Fountain added. “We are excited to welcome the PFB Mortgage team to Colony Bank.”
The companies expect the deal to close on May 1, 2019.
Financial terms of the deal were not disclosed.