A group of investors from Pittsburgh-based Victorian Finance have partnered with Tennessee-based Farmers Bank to provide management experience, expertise and growth potential.
“Sonny” Bringol, Jr., who founded Victorian Finance in 2003, will join Farmers as executive chairman.
Farmers President Kyle Townsend will continue in this role while Valerie Townsend will continue as Senior Vice President.
“We are delighted to be part of Farmers Bank to ensure it can avoid the national trend that has seen so many community banks merging into larger institutions,” said Bringol. “We believe our partnership will benefit the bank’s customers and local communities by maintaining the bank’s independence, its community banking culture and expanding its product line, including a full range of residential mortgage products. »
Victorian Finance operates in over 30 states in the residential mortgage market.
“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 accessing the capital and expertise needed to stay competitive and take Farmers Bank to the next level. superior by expanding our product offerings. , asset size and service area,” Townsend said.
Farmers plans to add several positions to expand its technology and product offerings.