Northpointe Bancshares, Inc. (NYSE: NPB) announced on October 20, 2026, that its Board of Directors has approved a plan to exit the Bank's distributed retail and consumer direct mortgage origination channels. As part of this strategic shift, the Company and CMG Financial and its affiliates have entered into a non-binding letter of intent regarding the potential sale of these channels to CMG.
The Company stated that the decision to exit these channels is driven by the current economic and operating environment, as well as the continued evolution of mortgage distribution models. Northpointe intends to refocus its strategic priorities on its Mortgage Purchase Program, Specialty Servicing, and Digital Banking businesses, which the Company believes offer its strongest competitive advantages.
The Company anticipates that the proposed transaction will close by the end of 2026, subject to the satisfactory completion of due diligence, the execution of a definitive agreement, and the satisfaction of customary closing conditions. Northpointe expects to continue closing loans currently in process and will provide support to affected team members.
In connection with the exit, the Company currently estimates restructuring charges of between $6 million and $7 million. These charges are primarily comprised of cash expenditures related to severance and employee transition expenses, along with an impairment charge of approximately $800,000 on the remaining intangible asset associated with a previous mortgage team acquisition. The Company expects to realize the majority of these charges during the fourth quarter of 2026.
