Business
TowneBank Announces Timing of Closing of Farmers Bank Merger
SUFFOLK, Va. and WINDSOR, Va., Dec. 16, 2022 (GLOBE NEWSWIRE) -- Hampton Roads based TowneBank (Nasdaq: TOWN) and Farmers Bankshares, Inc. (OTCPK: FBVA), the
About this update from Towne Bank
[{"type":"text","content":"SUFFOLK, Va. and WINDSOR, Va., Dec. 16, 2022 (GLOBE NEWSWIRE) -- Hampton Roads based TowneBank (Nasdaq: TOWN) and Farmers Bankshares, Inc. (OTCPK: FBVA), the parent company of Farmers Bank, Windsor, Virginia, announced today that they expect to complete their merger in early January 2023 as originally scheduled. The parties have received all required regulatory approvals, and the merger received the approval of Farmers Bankshares’ shareholders, with more than 85% of the outstanding shares voting for the merger, at its special meeting of shareholders held on December 14, 2022. The merger will solidify TowneBank’s number one market share in the Virginia Beach-Norfolk-Newport News MSA, adding Isle of Wight and Southampton counties to the bank’s service area while expanding Towne Insurance Agency’s market base. The closing of the merger remains subject to the terms and conditions of the definitive merger agreement that the parties signed in August 2022, including customary closing conditions in addition to the regulatory and shareholder approvals. About TowneBank:Founded in 1999, TowneBank is a company built on relationships, offering a full range of banking and other financial services, with a focus of serving others and enriching lives. Dedicated to a culture of caring, TowneBank values all employees and members by embracing their diverse talents, perspectives, and experiences. Today, TowneBank operates over 40 banking offices throughout Hampton Roads and Central Virginia, as well as Northeastern and Central North Carolina – serving as a local leader in promoting the social, cultural, and economic growth in each community. TowneBank offers a competitive array of business and personal banking solutions, delivered with only the highest ethical standards. Experienced local bankers providing a higher level of expertise and personal attention with local decision-making are key to the TowneBank strategy. TowneBank has grown its capabilities beyond banking to provide expertise through its controlled divisions and subsidiaries that include Towne Wealth Management, Towne Insurance Agency, Towne Benefits, TowneBank Mortgage, TowneBank Commercial Mortgage, Berkshire Hathaway HomeServices Towne Realty, Towne 1031 Exchange, LLC, and Towne Vacations. With total assets of $15.95 billion as of September 30, 2022, TowneBank is one of the largest b...