Northpointe to sell distributed retail, consumer direct channels to CMG

Northpointe Bancshares, the parent of Northpointe Bank, plans to exit its distributed retail and consumer direct mortgage origination channels under a deal to sell these businesses to CMG Financial, the companies announced Tuesday.The parties have signed a nonbinding letter of intent and did not disclose financial terms. The transaction is subject to due diligence, a definitive agreement and customary closing conditions. It’s expected to close by the end of 2026.Northpointe framed the move as a response to the current “economic and operating environment” and part of a shift in strategic priorities, chairman and CEO Chuck Williams said in a statement. “This allows us to deepen client relationships, generate attractive portfolio assets, and grow relationship-based deposits, which we expect will improve operating leverage, capital efficiency and create a more robust, stable and scalable earnings profile,” Williams said. The bank expects restructuring charges of $6 million to $7 million, with most of the impact occurring in the fourth quarter. Loans in process will continue to close. In an call with analysts on Wednesday morning, Williams said the bank’s “greatest opportunities” are in...