Primis Financial Corp. (FRST): M&A transaction — Primis Financial completes sale of Life Premium Finance division to EverBank for $6 million premium

Primis Financial Corp.

Primis Bank sold approximately $354 million of Life Premium Finance loans to EverBank on October 31, 2024.
EverBank will pay a $6.0 million premium for the division, with a second closing of $19 million in loans expected by January 31, 2025.
Primis Bank will provide interim servicing until full transition; EverBank will then service the retained portfolio.
Pro forma financial statements show a pre-tax gain of $4.5 million from the transaction.
The sale constitutes a significant disposition under Item 2.01 of Form 8-K.

Key facts

Extracted from this filing and checked against the source text.

M&A Transactions SEC 8-K Item 2.01/5.01 confidence 0.9

Primis Financial Corp. completed a disposition involving EverBank, N.A. for premium of $6.0 million (closed 2024-10-31).

Action: disposition
Counterparty: EverBank, N.A.
Consideration: premium of $6.0 million
Closing: 2024-10-31

Exact text from the filing

loans, except for a subset of mostly fixed rate and rate-capped loans retained by Primis Bank, and the operations of the division, including its employees, for a premium of $6.0 million (the “Transaction”). On October 31, 2024, Primis Bank completed the sale to EverBank of approximately $354 million of loans from the division with Primis Bank providing interim

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Source: SEC EDGAR

accession 0001104659-24-114845

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