Paul Davis

The acquisition is the first for Hope since a transformative merger last year.

The Virginia bank has agreed to buy Tidewater Mortgage’s majority stake in Old Point Mortgage.

HCBF, once an aggressive acquirer, hadn't announced a deal in nearly two years.

The bank is among a handful of de novos to have its charter approved since 2009.

The $1.9 billion deal – the industry's largest announced in 2017 – will create a bank with nearly $20 billion in assets.

The South Carolina company plans to use proceeds for acquisitions and organic growth.

Quarterly profit fell at SunTrust Banks in Atlanta as noninterest expense rose 8.4% and its loan-loss provision increased.

The company is selling common and preferred stock in a private placement.

Matt Machen, who previously served as the company’s president, has been at Bear State since 2011.

Kim Ruth once served as a state president for Bank of America in Texas.