Mortgage Firm in Washington to Buy Tennessee Bank

Complete Financial Solutions, a mortgage and financial services company in Spokane, Wash., has agreed to buy American Patriot Bank in Greenville, Tenn.

Complete Financial will pay $1.3 million in cash and stock to buy American Patriot in a three-stage acquisition. Complete Financial will initially buy 23.3% of American Patriot's stock for $245,000. The mortgage firm will then buy a controlling interest in the bank for roughly $1.1 million within nine months of the closing.

Complete Financial will purchase all remaining shares of American Patriot's stock within 18 months of the first transaction.

"This new addition to the CFSI family will allow for further diversification and growth of our emerging financial services company, as well as providing new revenue and profitability channels," Allen Ringer, Complete Financial's chief executive, said in a press release Wednesday.

American Patriot Financial Group, the bank's parent, has $74 million in assets. The bank has two branches.

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Comments (1)
So, I have been told that only banks can buy banks. How did a mortgage company get approved to buy a bank?
Posted by | Monday, July 07 2014 at 8:34PM ET
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