News

Pittsburgh investors partner with Tennessee bank

A group of investors from Pittsburgh-based Victorian Finance have partnered with Tennessee-based Farmers Bank to offer management experience, expertise, and growth potential.

“Sonny” Bringol, Jr., who founded Victorian Finance in 2003, will join Farmers as executive chairman.

Farmers’ president Kyle Townsend will continue in that position while Valerie Townsend will continue as senior vice president.

“We are pleased to become a part of Farmers Bank to help ensure that it can avoid the national trend which has seen the merger of so many community banks into larger institutions,” Bringol said. “We believe our partnership will benefit the bank’s local customers and communities by maintaining the bank’s independence, community bank culture, and expanding its product line including a full suite of residential mortgage loan products.”

Victorian Finance operates in more than 30 states in the residential mortgage market.

“We believe this is a great opportunity for us to continue our traditional role of serving the local community as an independent community bank while gaining access to the capital and expertise needed to remain competitive and take Farmers Bank to the next level by expanding our product offerings, asset size, and service area,” Townsend said.

Farmers plans to add several positions to expand its technology and product offerings.

Melina Druga

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