Primis Bank, a wholly-owned subsidiary of Primis Financial Corp., completed the first closing of its previously announced sale of the Life Premium Finance division to EverBank, N.A. on October 31, 2024.
The second closing and full transfer of the business, including employees, is scheduled for January 31, 2025. This transaction is part of Primis's strategic efforts to optimize its asset portfolio.
The company previously announced an expected pre-tax gain of $4.5 million, net of advisory and legal fees, to be recorded in the fourth quarter of 2024 from this sale. Approximately $370 million of loans from the division were acquired by EverBank in the first closing.
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