FirstBank Expands Again

Nov 07, 2011 at 07:03 pm by bryan

While megabanks are targets of protestors, a small family owned Tennessee bank expands. FirstBank has entered into an asset sale agreement to purchase Stellar One Corporation. That's a Virginia based bank holding company's wholesale mortgage unit. The agreement calls for the purchase of net assets, goodwill and going concern value. For the nine months ended September 30, 2011, the wholesale division had gross revenues of $2.3 million and direct operating expenses of $1.9 million. The transaction is expected to close by year end.

This past June FirstBank purchased Birmingham's Henger Rast Mortgage, and operate it now as FirstBank Mortgage Partners. FirstBank's Murfreesboro facility has also expanded its mortgage presence.


FirstBank is one of Tennessee's largest community banks and its headquarters are located in Lexington, a small community on I-40 that's halfway between Nashville and Memphis. 


Sections: News