The chairman of FB Financial is selling stock in a move that will relinquish his majority ownership of the Nashville, Tenn., company.

The $4.7 billion-asset company said in a press release Monday that James Ayers plans to sell 3.2 million shares of its common stock through a secondary offering. The company did not disclose the timing or the proposed pricing for the sale.

Ayers could sell an additional 480,000 shares if there is enough demand.

The sales would reduce Ayers’ stake in the company from 56% to 45.6%.

FB Financial will not receive any proceeds from the offering. J.P. Morgan and Stephens are the joint book-running managers and underwriters.

FB Financial recently disclosed that profit in its mortgage business could fall by 23% to 34% in 2018 from a year earlier.

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