Primis Bank Taps Industry Veterans to Lead New Warehouse Lending Division

Rhea-AI Summary

Primis Bank announces the expansion of its Warehouse Lending Division under new division president Drey Roberts, who joins from a Texas regional bank where he managed over $1.0 billion in monthly loan balances. Roberts and his team have already secured over 40 new clients nationwide since early October. The expansion aims to boost non-CRE oriented loans and commercial deposits as mortgage volumes are expected to improve. As of September 30, 2024, Primis Financial Corp. had $4.0 billion in total assets, $2.9 billion in total loans, and $3.3 billion in total deposits.

Positive

• Secured over 40 new nationwide clients within first month of operation
• New division leader brings track record of managing $1.0B+ monthly loan balances
• Expansion into warehouse lending diversifies from CRE loans
• Strong asset base with $4.0B in total assets and $2.9B in loans

Negative

• None.

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MCLEAN, Va., Oct. 30, 2024 /PRNewswire/ -- Primis Bank is excited to announce the expansion of its Warehouse Lending Division under the leadership of division president Drey Roberts. This expanded team and line of business will give Primis the capabilities to capitalize on this critical section of the mortgage market with offerings that should boost non-CRE oriented loans and commercial deposits.

Roberts and his team joined Primis from a large regional bank in Texas, where Roberts was the national sales manager of its successful warehouse lending division for just under a decade, averaging more than $1.0 billion in monthly loan balances and substantial commercial deposits. He and his team bring enormous technical expertise and reputation in the industry and will be very accretive to the Primis culture and brand.

"What stood out to me the most about Primis was how much executive leadership understands the values and risks of warehouse lending," Roberts said. "The team at Primis has substantial experience and success in this industry, and their excitement and knowledge during our early conversations made it apparent that this partnership would be a successful one.  Some of our best customers have met the executive team and understand that this is a bank that will partner with them for the long-term."

Projections from national mortgage authorities like FNMA and FHLMC predict continued improvement in mortgage volumes over the coming years.  The expanded Warehouse Lending Division will give Primis a distinct advantage as the mortgage market continues to expand.  Since joining Primis in early October, Roberts and his team have quickly secured over 40 new clients from across the U.S., positioning Primis Bank as a critical funding partner for mortgage companies nationwide.           

"I believe we have positioned ourselves in a very good place in this important industry.  I am very excited to have Drey and his team in our Company, and I am inspired by their ambition and dedication to their long-time customers.  Having met a dozen or so of their clients in person and seeing how fast we have on-boarded them from application to real funding, I am convinced that we can move the needle on profitability and operating results," Primis Bank CEO Dennis Zember said.

To learn more about the Primis Warehouse Lending Division, visit primisbank.com.

About Primis Bank

As of September 30, 2024, Primis Financial Corp. had $4.0 billion in total assets, $2.9 billion in total loans held for investment and $3.3 billion in total deposits. Primis Bank, the Company's banking subsidiary, provides a range of financial services to individuals and small- and medium-sized businesses through twenty-four full-service branches in Virginia and Maryland and through certain internet and mobile applications.

Contacts:		Address:
Dennis J. Zember, Jr., President and CEO		Primis Financial Corp.
Matthew A. Switzer, EVP and CFO
Mandi Gilbert, SVP and Director of Marketing		1676 International Drive, Suite 900
Phone: (703) 893-7400		McLean, VA 22102

 

Primis Financial Corp., NASDAQ Symbol FRST
Website: www.primisbank.com

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SOURCE Primis Financial Corp.

FAQ

What is the total asset value of Primis Financial Corp (FRST) as of September 30, 2024?

Primis Financial Corp (FRST) reported total assets of $4.0 billion as of September 30, 2024.

How many new clients has Primis Bank's Warehouse Lending Division secured since October 2024?

The Warehouse Lending Division has secured over 40 new clients from across the U.S. since early October 2024.

What was Drey Roberts' previous experience before joining Primis Bank's Warehouse Lending Division?

Drey Roberts was previously the national sales manager of a warehouse lending division at a large regional bank in Texas, where he managed more than $1.0 billion in monthly loan balances for nearly a decade.