Farmers Bank in Parsons, Tenn., has a new investor.
The $46.9 million-asset bank said in a press release Monday that it had “formed a new partnership” with Victorian Finance, a mortgage lender based in Pittsburgh. The bank did not disclose any details about the investment.
Sonny Bringol Jr., who led the investment, became the bank’s executive chairman. He is also the president and chairman of Victorian Finance.
Farmers said it could use the fresh capital to add products, increase its asset size and expand its service area. The bank will add several positions to expand its technology. It also plans to add more mortgage products.
“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,” Kyle Townsend, Farmers’ president, said in the release.
“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,” Bringol added.