Triumph Bancshares in Germantown, Tenn., has agreed to buy two mortgage businesses from Merchants & Planters Bancshares in Bolivar, Tenn.
The $416 million-asset Triumph agreed last month to buy Merchants & Planters Home Loans, a mortgage lender, and Community Bankers Mortgage Group, a wholesale lender that makes loans across the Southeast, Triumph President and Chief Executive Will Chase said Friday. Terms of the transactions were not disclosed.
Triumph plans to acquire two locations as part of the transaction - one in Collierville, a suburb of Memphis, and another in Little Rock, Ark. The acquisitions would increase Triumph's mortgage banking staff to 22 from five employees, and Triumph plans to keep Merchants & Planters' staff in place.
"We're very excited - this is a great group of mortgage professionals who are joining Triumph Bank," Chase said. "The acquisition should help us generate noninterest income. And because our asset base is about four times the size of Merchants & Planters', we will have the balance sheet to allow this group to expand."
The companies expect to complete the transaction by the end of September.
Following the sale, the $92 million-asset Merchants & Planters would have five locations, all in Tennessee, and Triumph would have seven, according to the Federal Deposit Insurance Corp.