EverBank in Jacksonville, Fla., has agreed to buy the life premium finance division of Primis Bank in McLean, Va.
The $4 billion-asset Primis said in a press release that the $39.4 billion-asset EverBank will pay a $6 million premium for the business, adding that it expects to record a $4.5 million pretax gain in the fourth quarter. Final closing is set for Jan. 31.
The deal includes about $370 million of loans; Primis will provide interim servicing. Primis will retain a subset of mostly fixed-rate and rate-capped loans.
Separately, Primis reported net income of $1.2 million in the third quarter.