UMH Properties entered into a $25 million term loan with FirstBank. The term loan has a five-year term with a fixed interest rate. The company’s previous line of credit had a balance of $15.1 million which has been rolled into the new term loan.
FirstBank, a privately held bank with a focus on “banking for good,” announced several leadership changes. The new appointments result from previous FirstBank presidents retiring or being elevated to C-level positions.
Emily Robinson will retire on April 29 after nearly 30 years with FirstBank as COO. Kelly Kaminskas, will replace Robinson on FirstBank’s senior leadership team as chief digital officer and Shannon Jones will become the bank’s the new chief people officer.
SG Credit Partners promoted Spencer Brown to managing director while also opening a Colorado office. In Brown’s role, he will continue leading coverage efforts for originating and closing structured cash flow, collateral-based, recurring revenue and high net worth facilities in the Rocky Mountain and Southwest regions.
Michael Mettee was named CFO of FirstBank and its parent company, FB Financial Corporation. He was appointed interim CFO in April and previously served as CFO/banking and director of capital markets.
KeyBank served as administrative agent and KeyBanc Capital Markets and BMO Capital Markets acted as joint lead arrangers and syndication agents for an amended and restated senior secured revolving credit facility of up to $375 million for Jernigan Capital.
Corky’s BBQ, a Memphis BBQ legend for nearly 35 years, closed an expansion and partnership agreement with Dobbs Equity Partners, a family investment company founded by long-time Memphis businessman, John H. Dobbs, Jr.
Jernigan Capital entered into a $100 million secured revolving credit facility with a syndicate of banks led by KeyBank as administrative agent and Raymond James Bank as syndication agent.
FirstBank expanded its business lending division by hiring commercial banking veteran Nan Hinton as president of Business Lending.
Mercantile Bank and Firstbank jointly announced the signing of a definitive merger agreement. The implied transaction value is $18.77 per share or approximately $151.5 million.