After 98 years as a locally-owned bank, the last remaining black-owned bank in Virginia, First State Bank's majority stock ownership has changed hands.
Casey Crawford, CEO of Movement Mortgage in Charlotte, North Carolina, is now the majority shareholder of First State Bank, according to Adam O’Daniel, a spokesperson for Crawford.
O’Daniel stressed the purchase was not made by Movement Mortgage but by Crawford.
“It was a private transaction,” O’Daniel said in an interview Tuesday at the Register & Bee, confirming a report in American Banker that the sale was finalized on June 6. “We’re not disclosing the amount.”
Crawford is a Virginia native who played football at the University of Virginia and went on to play with NFL teams the Carolina Panthers and Tampa Bay Buccaneers.
In 2008, Crawford founded Movement Mortgage. He entered discussions with First State Bank after learning it had lost $1 million during 2015 and 2016, and had started 2017 by losing an additional $75,000 in the first quarter, O’Daniel confirmed.
There are no immediate plans to formally announce the purchase, discuss any upcoming changes or to talk about how Movement Mortgage might work with First State Bank, O’Daniel said.
“We do want to make sure the history [of First State Bank] is not lost,” O’Daniel said, adding that a formal statement about plans for First State Bank would be issued soon.
O’Daniel said Movement Mortgage’s mission statement — “We exist to love and value people by leading a movement of change in our industry, corporate cultures and communities” — will apply to First State Bank as well.
“The same mission statement applies to all [of Crawford’s] companies,” O’Daniel said.
According to the Movement Mortgage’s annual impact report, the company has plans to continue growing, with 2017 expectations that include adding 384 jobs, hitting a $15 billion loan volume and ranking fifth among national purchase lenders.
Expansions and renovations are planned for its four main operations locations, two in Virginia in Norfolk and Richmond, as well as in Fort Mill, South Carolina and Tempe, Arizona.