TowneBank Announces Completion of Farmers Bank Merger
TowneBank (Nasdaq: TOWN) has successfully completed its merger with Farmers Bankshares, Inc., effective January 13, 2023. This strategic merger strengthens TowneBank’s position in the Virginia Beach-Norfolk-Newport News MSA, expanding its market to include Isle of Wight and Southampton counties. The merger, initially announced in August 2022, received strong support from Farmers shareholders by December 2022. The Farmers Bank branches will operate under the TowneBank brand by mid-April 2023, following an integration of systems. TowneBank, founded in 1999, has grown to over 45 branches with total assets of $16.17 billion.
- Merger enhances TowneBank's market share in Virginia Beach-Norfolk-Newport News MSA.
- Expansion into Isle of Wight and Southampton counties increases customer base.
- Increased product and service offerings due to combined resources.
- None.
SUFFOLK, Va., Jan. 17, 2023 (GLOBE NEWSWIRE) -- TowneBank (Nasdaq: TOWN) announced today the completion of its merger with Farmers Bankshares, Inc. and its subsidiary, Farmers Bank, Windsor, Virginia. The merger solidifies the number one market share position for TowneBank in the Virginia Beach-Norfolk-Newport News MSA, adding Isle of Wight and Southampton counties to its service area while expanding Towne Insurance Agency’s market base. The merger was announced in August 2022 and received overwhelming support from Farmers shareholders in December 2022.
“Our TowneBank family is delighted to have our long-time friends at Farmers Bank join us,” said G. Robert Aston, Jr., Executive Chairman of TowneBank. “We look forward to the expanded products and services we can provide to our growing member base through our partnership and the growth of our role as a community asset.”
Following the merger, which was effective on January 13, 2023, the Farmers Bank locations will operate as “Farmers Bank, a Division of TowneBank” until mid-April 2023, when the core systems and operations of Farmers Bank are scheduled to be converted into those of TowneBank.
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 on 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 45 banking offices (eight of which operate as Farmers Bank, a Division of TowneBank) 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
For more information, contact:
G. Robert Aston, Jr., Executive Chairman, 757-638-6780
Sara Jo Rubin, Rubin Communications Group, 757-456-5212
Investor contact:
William B. Littreal, Chief Financial Officer, 757-638-6813
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