COMMUNITY FIRST COMPLETES SALE OF SEATRUST MORTGAGE COMPANY

SENECA, S.C., June 1, 2022 /PRNewswire/ -- Community First Bancorporation ("Community First") (OTC: CFOK), the parent company of Community First Bank Inc. ("Bank"), completed the sale of the Bank's subsidiary, SeaTrust Mortgage Company ("SeaTrust") to Primis Bank, Glen Allen, Virginia ("Primis") in an all-cash transaction. SeaTrust will rebrand to Primis Mortgage.

SeaTrust opened for business in February 2020, is headquartered in Wilmington, North Carolina, and has offices in Wilmington, Charlotte, Greensboro, and Jacksonville, North Carolina, Fort Lauderdale, Tampa, and Jacksonville, Florida, and Nashville, Tennessee.

Richard D. Burleson, President and CEO of Community First, stated: "At this time in the economic cycle we are happy to remove ourselves from the volatility of the mortgage market outside of our core banking footprint. We believe with our Freddie Mac capabilities and our in-house mortgage products available in our Retail Banking Centers, we remain fully capable of managing the needs of our customers. This sale will allow the Bank to focus its resources on expanding its commercial, retail, and small business lending offerings in the communities we serve."

Community First Bank Inc., a South Carolina chartered community bank, operates eight banking offices in the South Carolina communities of Seneca, Walhalla, Anderson, Williamston, Westminster, and Greenville, two banking offices in North Carolina in Charlotte and Dallas, two banking offices in Elizabethton, Tennessee and two loan production offices in Waynesville, North Carolina and Kingsport, Tennessee.

Community First Bank Inc. was advised by D. A. Davidson & Co. as financial advisor and Brooks, Pierce, McLendon, Humphrey & Leonard, LLP as legal counsel.

Contact:
Richard D. Burleson President and Chief Executive Officer
Community First Bancorporation Office
864-886-0206 www.c1stbank.com

SOURCE Community First Bank