US-based CertusBank has agreed to sell its mortgage and wealth-management businesses to AmeriSave Mortgage Corp.
The sale is expected bring an end to the bank’s restructuring amid financial losses.
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Additionally, Vincent Molinari, CEO of Eximius Holdings has agreed to buy Certus’ broker-dealer and wealth-management divisions namely CertusSecurities and CertusInvestment Advisors.
Terms of the deal have not been disclosed.
CertusBank spokeswoman Emily Ledbetter said the sale would affect nearly 120 of the bank’s 530 employees, of which 13 of them were based in Greenville and about 40 in Charlotte. The bank announced its move from Charlotte to Greenville in 2011.
John Poelker, CEO of CertusBank, said that most of the affected staff would move to the acquiring companies.
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By GlobalDataPoelker said: "CertusBank was undoing structural and operational components of the company that are no longer consistent with our strategic transition toward a more traditional community banking business model."
Poelker added that the sale would improve the financial performance of CertusBank, which has been struggling with financial losses and allegations of financial mismanagement since its start in 2011.
The acquisition will enable AmeriSave to expand and set up a retail mortgage origination channel to complement its online origination platform.
As part of the deal, AmeriSave will acquire are CertusBank’s offices in Georgia, South Carolina and North Carolina that now employ approximately 40 loan officers.
