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Primis Announces Completion Of Acquisition Of Seatrust Mortgage Company

Jun 01, 2022•over 3 years ago

Acquiring Company

Primis Financialand Primis Bank

Acquired Company

Primis Financial Corp

Professional ServicesSoftwareBankingLendingFinanceFinancial Services

Description

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").

Company Information

Company

Primis Financialand Primis Bank

About

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 SOURCE Primis Financial Corp.

M&A Insights

Based on deal data
Integration timeline
70% of M&A integrations take 12-24 months to complete
Tech stack consolidation
83% of merged companies consolidate technology vendors within first year
Post-acquisition investment
Companies increase IT spending by 23% on average after acquisitions
Success factor
M&A deals with strong technology integration plans are 2.5x more likely to succeed