Farmers Bank, a state-chartered, FDIC insured bank headquartered in Parsons, Tennessee, has formed a new partnership with a group of investors led by E. H. “Sonny” Bringol, Jr. of Victorian Finance, LLC in Pittsburgh, PA. Mr. Bringol and his team are seasoned financial services professionals who will bring a new level of management experience, expertise, and growth potential to Farmers Bank.
Kyle Townsend, the President of the Bank, said: “We believe this is a great opportunity for us to continue our traditional role of serving the local community as an independent community bank while gaining access to the capital and expertise needed to remain competitive and take Farmers Bank to the next level by expanding our product offerings, asset size, and service area.” Valerie Townsend, Senior Vice President, added, “We welcome our new partners, and we look forward to offering enhanced products and services to help all our customers achieve their financial goals.”
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Mr. Bringol, who has joined the Bank as Executive Chairman, has said: “We are pleased to become a part of Farmers Bank to help ensure that it can avoid the national trend which has seen the merger of so many community banks into larger institutions. We believe our partnership will benefit the Bank’s local customers and communities by maintaining the Bank’s independence, community bank culture, and expanding its product line including a full suite of residential mortgage loan products.” The group of investors led by Mr. Bringol has successfully operated Victorian Finance, a mortgage lender operating in over 30 states, to become a leader in the residential mortgage market.
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Kyle Townsend will continue to serve as President and Valerie Townsend will continue as Senior Vice President along with the Bank’s existing staff. The Bank will be adding several positions to expand their technology and product offerings.
Jones Walker LLP, Washington, D.C. with Daniel Burd as Lead Counsel, and Meeks, Butera & Israel, PLLC with Jim Butera as Counsel served as legal advisors to the investor group. Faust Financial, LLC acted as financial advisor to the investor group, with Marcus Faust as lead banker, and assisted with the preparation of the strategic business plan. Gerrish Smith Tuck also acted as legal advisers in connection with the transaction.
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