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Posts Tagged ‘friendship’

Jim Clayton Exclusive on Clayton Bank/FirstBank Merger to MHProNews

February 11th, 2017 Comments off

ClaytonbankandFirstbanklogo-=imagecreditaretherespectivefirmslogosusedhereunderfairuseguidelinesIn a story that MHProNews covered first in manufactured housing, Jim Clayton, Founder and Chairman of Clayton Bank and Clayton Homes, confirmed the “merger” of Clayton Bank and Trust and American City Bank (collectively “Clayton Banks”) and FB Financial Corporation (NYSE: FBK), in a deal valued at $284.2 million.

This event involves a rare instance where Clayton, and FirstBank Chairman Jim Ayers, both owned nearly 100 percent of their respective banks pre-merger, and share a common interest in helping people.

Jim (Ayers) and I have been great friends for decades and have a lot in common, including being from rural West Tennessee,” said Clayton to MHProNews publisher, L. A. “Tony” Kovach.

Jim ClaytonrightLATonyKovachleftPhotocreditMHProNewscom

Jim Clayton, right. L. A. “Tony” Kovach, left. Photo credit, MHProNews.com

Our primary interests involve banking and giving back,” Clayton said. “Ayres is the most generous and creative person I know, building an amazing philanthropic foundation that has produced amazing benefits in education, health, and quality of life in Tennessee.”

The acquisition is expected to close in the third quarter of 2017, and is subject to regulatory approvals, approval by shareholders, and other customary closing conditions.

The Clayton Banks have a great team and are two of the most profitable banks in Tennessee. They have a relationship-based customer service culture that blends well with our culture. We look forward to joining with Clayton Bank and American City Bank and their associates to expand our banking services throughout Tennessee,” said FB Financial President and CEO Chris Holmes, in a BusinessWire press release.

This was, in effect, a merger as shareholders of FirstBank (FBK – NYSE) now own shares of the combined banks,” Clayton told MHProNews. “Likewise, I own shares in the combined banks – my largest holding by far. I signed a multi-year contract as did the Sr. Management – including Kevin Kimzey (President) – who heads all MH (Manufactured Housing/Home) activities.”

KevinKemzey-ClaytonBankPresidentClayton told MHProNews that once the merger is completed, he and Ayers will be the largest shareholders of the combined entity.

We both love the mortgage business and Jim [Ayers] is thrilled to combine the Clayton MH lending with the very large FirstBank Mortgage portfolio,” said Clayton. “I, and all the MH enthusiasts at Clayton Banks, are thrilled to add 40 deposit-gathering branches to support the Clayton MH units.”

About the Clayton Banks

Clayton Bank is headquartered in Knoxville, Tennessee.

The operation has assets of approximately $887 million. The bank has 13 branches across its markets in Knoxville, Jackson, Oakland, Covington, Henderson, Lexington, Friendship and Cookeville, Tennessee.

GraphicabovecreditBusinessWire.

Graphic above credit, BusinessWire.

American City Bank is headquartered in Tullahoma, Tennessee and has assets of approximately $308 million. It operates five branches in Tullahoma, Manchester, Lynchburg and Dechard, Tennessee.

About FB Financial

FB Financial Corporation (NYSE: FBK) is a bank holding company headquartered in Nashville, TN, and operates through its wholly owned banking subsidiary, FirstBank, the third largest Tennesseeheadquartered bank. The company has 45 full-service bank branches across Tennessee, North Alabama and North Georgia, and a national mortgage business with offices across the Southeast.

FirstBank serves five of the largest metropolitan markets in Tennessee and has over $3.2 billion in total assets. ##

(Editor’s note: Additional details from Jim Clayton will be published soon.)

(Top image credit, are the respective firms logos, used here under fair use guidelines. Other image credits are as shown above.)

rcwilliams-writer75x75manufacturedhousingindustrymhpronews

RC Williams, for Daily Business News, MHProNews.

Submitted by RC Williams to the Daily Business News for MHProNews.

Cavco Acquires Manufactured Home Producer Fairmont

May 5th, 2015 Comments off

cavco logoMHProNews has learned from globenewswire that manufactured and modular home builder Cavco Industries, Inc. (NASDAQ:CVCO) has acquired Fairmont Homes, Inc. of Nappanee, Indiana through its wholly-owned subsidiary, FH Group, LLC.. With manufacturing plants in Indiana and Minnesota, Fairmont produces manufactured and modular homes and park model recreational vehicles (RVs), and homes built to Canadian codes.

We are pleased to have the Fairmont business and employees join the Cavco group of companies,” said Cavco President Joe Stegmayer. “We believe that Fairmont’s strong production capabilities, reputation for product quality and service and its excellent customer base fit well with Cavco’s philosophy and approach to doing business.

Fairmont’s products will continue to be sold under the Fairmont, Century, Friendship and Harmony names, and Brian Cira will continue on as president of Fairmont Homes.

In addition to manufactured and modular housing, from its headquarters in Phoenix, Arizona, Cavco also produces park model RVs and vacation homes, under subsidiaries Fleetwood Homes, Palm Harbor Homes, Nationwide Homes and Chariot Eagle, through 19 manufacturing facilities.

Although the purchase price was not disclosed, the acquisition was funded with Cavco’s internal capital. ##

(Image credit: Cavco Industries, Inc.)

matthew-silver-daily-business-news-mhpronews-comArticle submitted by Matthew J. Silver to Daily Business News-MHProNews.

Modular Business Booming

July 4th, 2012 Comments off

The energy and mineral fields north and west of Friendship Homes in Montevideo, Minnesota are making the modular builder crank out seven modules daily, but that number is expected to rise to 12 in the near future. wctrib says the oil patch in western North Dakota, the destination for its modular man camps, and the energy and mineral projects in Canada began spurring growth about a year ago, and now there are back orders through the end of the year for some units. The Canada market, where different building requirements apply, accounts for 25 percent of the business. A division of Fairmont Homes of Nappanee, Indiana, Friendship also offers custom modular homes for the residential market as well as commercial product. MHProNews.com has learned the backlog of orders means the help wanted sign is always out.

(Photo credit: Canadian/Simcoe)