ServBanc Holdco, Inc. Completes Purchase of Allied First Bancorp, Inc.

OSWEGO, Ill., Sept. 15, 2022 /PRNewswire/ -- ServBanc Holdco, Inc. and Allied First Bancorp, Inc., the parent bank holding company for Allied First Bank, sb, jointly announce today the closing of ServBanc Holdco, Inc.'s acquisition of Allied First Bancorp, Inc. and its subsidiary bank, Allied First Bank, sb.

ServBanc Holdco, Inc. is led by Stavros Papastavrou, who has more than 30 years of experience across the financial services industry, primarily as Founder and Chairman of The Money Source Inc., a leading fintech provider and mortgage servicing company focused on mortgage servicing, subservicing, and correspondent lending, licensed in all 50 states, and based in Phoenix, Arizona.  Founded in 1997 by Mr. Papastavrou, TMS has grown exponentially and driven innovation in the mortgage lending and servicing industry, where it provides a first-class customer experience to borrowers, clients, and team members.

"We are extremely excited to work alongside the Allied team and now spearhead the bank's continued success in the communities that it serves. We intend to honor and continue the bank's emphasis on providing exceptional levels of service to all its customers, further strengthening the bank's current relationships, and even developing new ones, so that it soon may be recognized as the premier community relationship bank," said Mr. Papastavrou.

The long-term Strategic Plan for Allied includes the integration of the established and recognized TMS subservicing platform, including technology and personnel, into the Bank during Q1 of 2023. This will immediately provide stability to Allied alongside a steady source of revenues, and a growth strategy designed to further enhance franchise and shareholder value through strategic growth initiatives, use of best-in-class technology, innovations to its current banking operations, development of new business relationships, and the continued provision of financial services and other core banking products to Allied's current and future customers, only further increasing customer loyalty. This integration of subservicing operations and clients will also fortify Allied's institutional stability, achieve robust compliance to minimize its risk profile, and highlight the commitment by its new investors. "We take great pride in offering our customers best-in-class servicing and technology, and the ongoing commitment to driving servicing innovation that started at TMS will now seamlessly transition to Allied and be housed within a depository framework," said Mr. Ali Vafai, President – TMS.

Allied First Bancorp, Inc.'s subsidiary, Allied First Bank, sb, was initially established in 1994 as a credit union, and later converted to an Illinois state savings bank in 2000. Allied First Bank, sb currently operates from one location in Oswego, Illinois, and several mortgage loan origination offices spread across the country. As of June 30, 2022, Allied First Bank, sb had approximately $152.7 million in assets, $65.5 million in net loans and leases, and $128.8 million in deposits.

"Joining with ServBanc Holdco, Inc. and its investors is an extraordinary opportunity for Allied, our employees and clients, which will enable us to continue to effectively serve the needs of our customers and community while adding an industry-leading subservicing operation, among other features, to our existing institutional framework," said Kenneth L. Bertrand, Chief Executive Officer of Allied First Bank, sb. "In many ways, we have partnered with a  parent company with a committed investor group who will not only work tirelessly to advance Allied in its current construct, but grow the Bank through the substantial investment of new customers, employees, business relationships, and vast financial services industry experience that will not only be invaluable to building our infrastructure, for the benefit of our current and future customers, but whose leadership will serve as the cornerstone of the Allied First Bank of tomorrow,"  commented Mr. Bertrand.

Allied First Bancorp, Inc. operates from a single location in Oswego, Illinois, and several mortgage loan production offices spread across the country through its subsidiary, Allied First Bank, sb, an Illinois state savings bank. Allied First Bank, sb provides a full range of deposit and loan services to its personal and business customers. For more information, visit https://alliedfirst.com/.

This press release contains forward-looking statements, including, but not limited to, statements regarding the business of Allied First Bank, sb and other matters. Any statements about our expectations, beliefs, plans, predictions, protections, forecasts, objectives, assumptions or future events or performance are not historical facts and may be forward-looking statements. Forward-looking statements are typically, but not exclusively, identified by the use of forward-looking terminology such as "believes," "expects," "could," "may," "will," "should," "seeks," "likely," "intends" "plans," "pro forma," "projects," "estimates" or "anticipates" or the negative of these words and phrases or similar words or phrases that are predictions of or indicate future events or trends and that do not relate solely to historical matters.

Forward-looking statements are subject to risks and uncertainties and are not guarantees of future performance and actual results may differ materially from those expressed or contemplated by the particular forward-looking statement, and, therefore, you are cautioned not to place undue reliance on such statements. Further, any forward-looking statement speaks only as of the date on which it is made, and we undertake no obligation to update any forward-looking statement to reflect events or circumstances after the date on which the statement is made or to reflect the occurrence of unanticipated events or circumstances, except as required by applicable law. For any forward-looking statements made in this press release or in any documents or filings made with any regulatory body, ServBanc Holdco, Inc. and Allied First Bank, sb claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995, and any other applicable law.

Media contact:
Brenda Bach,
[email protected] 

SOURCE Allied First Bank