BayFirst Financial Sells Majority of SBA 7(a) Loan Portfolio to Banesco USA
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BayFirst Financial Corp. has agreed to sell a significant portion of its SBA 7(a) loan portfolio to Banesco USA, with many SBA 7(a) staff being offered positions at Banesco. The deal is expected to close later this quarter, although delays are anticipated due to the federal government shutdown. Post-transaction, BayFirst plans to retain about $167 million in unguaranteed SBA 7(a) loans, as part of its strategy to refocus on core community banking in the Tampa Bay and Sarasota areas.
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