Corrected: Memphis Bank Buys Mortgage Units

(A correction has been made to this article. See end for details.)

Triumph Bank of Memphis has purchased two divisions of Merchant & Planters Bank of Bolivar, Tenn., including the Little Rock office of M&P Bank Home Loans.

M&P and Community Bankers Mortgage Group officially became part of Triumph Mortgage on Aug. 31.

“We believe this is a positive for Triumph customers, former M&P customers, the communities we serve, and for our shareholders,” Triumph Bank Chairman Hilliard Crews said.

With the purchase of M&P Bank Home Loans, Triumph Mortgage will provide consumer mortgages through offices in Little Rock, east Memphis and Collierville, Tenn. The purchase more than quadrupled the division’s staff.

In addition, Triumph’s purchase of Community Bankers Mortgage Group will add a wholesale and correspondent lending division to its business.

(Correction, Nov. 21, 2013: Triumph Bank purchased two divisions of Merchants & Planters Bank of Bolivar, Tenn. This article originally misidentified the selling bank.)