Monday, December 5, 2022

TowneBank Announces Merger With Farmers Bank

Sign up here for our free newsletter that tells you about the newest stories, three mornings each week.

TowneBank announced this week that it has entered into a merger agreement with Farmers Bankshares, Inc, the parent company of Farmers Bank based out of Windsor, VA.

The two entities signed an agreement on Thursday, August 18, which will fold Farmers into TowneBank and  solidifies TowneBank’s number one market share in the Hampton Roads region. The deal also adds Isle of Wight and Southampton counties to TowneBank’s service area.

TowneBank, founded in 1999, has more than 40 branches throughout Hampton Roads and central Virginia as well as northeastern and central North Carolina.

“Our TowneBank family is humbled and excited to join hands with our long-time friends at Farmers,” said G. Robert Aston, Jr., executive chairman of TowneBank, in a release. “We believe our partnership can bring additional products and expanded services to the clients of Farmers Bank while helping our communities grow and prosper.”

Added Farmers Bank CEO Vernon Towler: “We feel privileged to partner with our neighbors at TowneBank. They share with Farmers Bank a commitment to philanthropy and community engagement. TowneBank is an incredibly strong organization.”

Based on figures reported on June 30 of this year, the combined companies would have total assets of $17.5 billion, loans of $10.9 billion, and deposits of $14.5 billion.

Under the terms of the merger agreement, shareholders of Farmers will receive 0.6050 shares of TowneBank common stock for each share of Farmers owned.

The merger, which was approved by the Boards of Directors of both banks, is expected to be finalized in the first quarter of 2023.

You must purchase this article or be a subscriber to comment on it.

Banking & Finance News

1st Advantage Credit Union Looking To Fill Positions At Multiple Locations

The 1st Advantage Credit Union is seeking to fill positions at many of its branches on the Peninsula. The credit union has open positions for...

Local Merrill Lynch Financial Advisor Named To 2022 Forbes List

NORFOLK-Merrill Lynch Wealth Management Financial Advisors recently announced that Nate Johnson has been named as one of the “Best-in-State Next-Generation Wealth Advisors” by Forbes...

The New Local News Model

On July 1, we started a new way to pay for news. Yes, we want you to subscribe, but we know nobody subscribes to every site they visit just because there's a paywall.

So if you don't want to subscribe (even at the low price of $39.99 for a year), you can pay for access to individual articles. Or just buy a 24-hour pass, as if you were buying a single copy of a newspaper. We use a new payment service called Transact, which lets you pay for individual articles in as little as three seconds. And you will get $3 in credit when you sign up (just an email address, no credit card required), which will let you pay for at least 20 articles.

This is new for everyone, so we're going to ease you into this. Initially, there won't be many articles that you have to pay for. Short ones will always be free. And even the longer stories will let you read the first half or so for free. We'd love to hear what you think, so send us a note at feedback@peninsulachronicle.com.