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Stock Market & Financial Investment News

News Breaks
March 26, 2014
12:04 EDTEVBS, SONASouthern National, Eastern Virginia in deal for stake in STM
Southern National Bancorp of Virginia (SONA), Jerry Flowers of Southern Trust Mortgage, and Eastern Virginia Bankshares (EVBS) announced that the two banks and Jerry Flowers have reached an agreement to purchase the 62% of STM currently owned by Middleburg Bank. Upon the closing of the transaction, Jerry Flowers and other STM executives will own 51.1% of STM, Sonabank will own 44% and EVB will own 4.9%. STM is a mortgage banking company headquartered in Virginia Beach. It was founded in 1998 by Jerry Flowers, and has mortgage banking originators in Virginia, Maryland, North Carolina and South Carolina. Southern Trust Mortgage only originates retail mortgage production.
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