Middleburg Bank in Virginia has agreed to sell its 62 percent stake in the mortgage banking firm Southern Trust Mortgage to two Virginia banks and Southern Trust's president.

Sonabank, in McLean, Va., will own 44 percent of Southern Trust after the deal has closed, according to a press release issued Wednesday. EVB, in Tappahannock, Va., will own 4.9% of the firm. Southern Trust executives, including President Jerry Flowers, will own 51.1%.

Subscribe Now

Complete access to real-time information and analysis of news and trends in the industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.