BayFirst Financial Corp. has signed a definitive agreement to sell a large portion of its SBA 7(a) loan portfolio to Banesco USA, with most of its SBA 7(a) staff being offered positions at Banesco USA's SBA lending team. The transaction is expected to close later in the quarter, though the timeline has been impacted by delays related to the current federal government shutdown. Following the closing, BayFirst anticipates retaining approximately $167 million in unguaranteed SBA 7(a) loan balances, which they are still working to sell. The company stated that this move is part of a broader strategy to refocus on its core community banking operations in the Tampa Bay and Sarasota markets.
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