Colony Bankcorp subsidiary Colony Bank to acquire PFB Mortgage
Colony Bank, the banking subsidiary of Colony Bankcorp, announced that it has signed an agreement to acquire PFB Mortgage, the secondary market mortgage business of Planters First Bank. The company expects all staff, including seven originators in Albany, Athens, Macon and Warner Robins, to remain with Colony, along with eight support personnel. Jesse Kight, currently president of PFB Mortgage, will become senior VP of Colony and president of its mortgage division, and Teresa Gainey will become group VP and director of mortgage operations for colony. The transaction, which does not require regulatory approval, is expected to close on or about May 1. It includes all pipeline loans and customers will not be affected as loans will close and be processed as normal. Planters First Bank will retain closed loans not yet sold. The terms of the transaction were not disclosed.