TowneBank Announces Completion of Village Bank and Trust Financial Corp. Merger
TowneBank (TOWN) has completed its merger with Village Bank and Trust Financial Corp. and its subsidiary, Village Bank, strengthening its presence in the Richmond MSA. The merger, announced in September 2024 and approved by Village shareholders in December 2024, offers opportunities for revenue synergies with Towne Financial Services Group and strategic capital deployment.
Village Bank locations will temporarily operate as 'Village Bank, a Division of TowneBank' until June 2025, when core systems and operations will be fully integrated. As part of the merger, Frank E. Jenkins, Jr., former Village director, joins TowneBank's board, while James E. Hendricks, Jr., Village's former CEO, becomes Senior Executive Vice President at TowneBank.
TowneBank (TOWN) ha completato la sua fusione con Village Bank and Trust Financial Corp. e la sua controllata, Village Bank, rafforzando la sua presenza nell'area metropolitana di Richmond. La fusione, annunciata a settembre 2024 e approvata dagli azionisti di Village a dicembre 2024, offre opportunità di sinergie di ricavi con Towne Financial Services Group e un impiego strategico del capitale.
Le filiali di Village Bank opereranno temporaneamente come 'Village Bank, una Divisione di TowneBank' fino a giugno 2025, quando i sistemi e le operazioni principali saranno completamente integrati. Come parte della fusione, Frank E. Jenkins, Jr., ex direttore di Village, entra a far parte del consiglio di TowneBank, mentre James E. Hendricks, Jr., ex CEO di Village, diventa Vicepresidente Esecutivo Senior di TowneBank.
TowneBank (TOWN) ha completado su fusión con Village Bank and Trust Financial Corp. y su subsidiaria, Village Bank, fortaleciendo su presencia en el área metropolitana de Richmond. La fusión, anunciada en septiembre de 2024 y aprobada por los accionistas de Village en diciembre de 2024, ofrece oportunidades para sinergias de ingresos con Towne Financial Services Group y un despliegue estratégico de capital.
Las ubicaciones de Village Bank operarán temporalmente como 'Village Bank, una División de TowneBank' hasta junio de 2025, cuando los sistemas y operaciones principales estén completamente integrados. Como parte de la fusión, Frank E. Jenkins, Jr., exdirector de Village, se une a la junta de TowneBank, mientras que James E. Hendricks, Jr., ex CEO de Village, se convierte en Vicepresidente Ejecutivo Senior de TowneBank.
타운뱅크 (TOWN)는 빌리지 뱅크 앤 트러스트 파이낸셜 코퍼레이션 및 그 자회사인 빌리지 뱅크와의 합병을 완료하여 리치먼드 MSA에서의 입지를 강화했습니다. 이 합병은 2024년 9월에 발표되었고 2024년 12월에 빌리지 주주들에 의해 승인되어, 타운 파이낸셜 서비스 그룹과의 수익 시너지를 위한 기회를 제공하고 전략적 자본 배치를 가능하게 합니다.
빌리지 뱅크 지점은 2025년 6월까지 '타운뱅크의 부서인 빌리지 뱅크'로 임시 운영될 예정이며, 그때까지 핵심 시스템과 운영이 완전히 통합될 것입니다. 합병의 일환으로, 전 빌리지 이사인 Frank E. Jenkins, Jr.가 타운뱅크 이사회에 합류하며, 전 빌리지 CEO인 James E. Hendricks, Jr.는 타운뱅크의 수석 부회장이 됩니다.
TowneBank (TOWN) a finalisé sa fusion avec Village Bank and Trust Financial Corp. et sa filiale, Village Bank, renforçant ainsi sa présence dans la zone métropolitaine de Richmond. La fusion, annoncée en septembre 2024 et approuvée par les actionnaires de Village en décembre 2024, offre des opportunités de synergies de revenus avec le Towne Financial Services Group et un déploiement stratégique de capital.
Les agences de Village Bank fonctionneront temporairement sous le nom 'Village Bank, une Division de TowneBank' jusqu'en juin 2025, date à laquelle les systèmes et opérations principaux seront entièrement intégrés. Dans le cadre de la fusion, Frank E. Jenkins, Jr., ancien directeur de Village, rejoint le conseil d'administration de TowneBank, tandis que James E. Hendricks, Jr., ancien PDG de Village, devient Vice-Président Exécutif Senior de TowneBank.
TowneBank (TOWN) hat seine Fusion mit Village Bank and Trust Financial Corp. und deren Tochtergesellschaft, der Village Bank, abgeschlossen und somit seine Präsenz im Richmond MSA gestärkt. Die Fusion, die im September 2024 angekündigt und im Dezember 2024 von den Village-Aktionären genehmigt wurde, bietet Möglichkeiten für Einnahmesynergien mit der Towne Financial Services Group und eine strategische Kapitalverwendung.
Die Standorte der Village Bank werden vorübergehend als 'Village Bank, eine Abteilung von TowneBank' bis Juni 2025 betrieben, wenn die Kernsysteme und -operationen vollständig integriert sind. Im Rahmen der Fusion tritt Frank E. Jenkins, Jr., ehemaliger Direktor von Village, in den Vorstand von TowneBank ein, während James E. Hendricks, Jr., ehemaliger CEO von Village, Senior Executive Vice President von TowneBank wird.
- Enhanced market presence in Richmond MSA
- Revenue synergy opportunities with Towne Financial Services Group
- Strategic capital deployment potential
- Strong shareholder support with overwhelming merger approval
- None.
Insights
TowneBank's completion of the Village Bank and Trust Financial Corp. merger marks a strategic expansion in the Richmond Metropolitan Statistical Area (MSA). This acquisition aligns with TowneBank's regional growth strategy and should strengthen its competitive position in this important Virginia market.
While the announcement lacks specific financial details about the transaction value or Village Bank's size, the merger offers several potential benefits worth noting:
- Enhanced market penetration in the Richmond MSA, likely increasing deposit base and customer relationships
- Revenue diversification opportunities through cross-selling between Village Bank's customer base and Towne Financial Services Group
- Operational efficiencies expected after systems integration (scheduled for June 2025)
The integration approach appears methodical, with Village Bank temporarily operating as a division of TowneBank until the core systems conversion. This phased approach may help preserve customer relationships during transition.
The appointment of Village's former leadership to TowneBank positions (Jenkins to the board and Hendricks as Senior EVP) suggests a commitment to operational continuity and knowledge retention, which could facilitate smoother integration and customer retention.
Without specific financial metrics or transaction details, it's difficult to quantify the immediate impact on TowneBank's financial performance. However, the expansion in a key Virginia market positions TowneBank for potential long-term growth in the Richmond region.
SUFFOLK, Va., April 01, 2025 (GLOBE NEWSWIRE) -- TowneBank (Nasdaq: TOWN) announced today the completion of its merger with Village Bank and Trust Financial Corp. and its subsidiary, Village Bank. The merger enhances TowneBank’s continued and growing presence in the Richmond MSA while providing opportunity for diverse revenue synergies with Towne Financial Services Group and strategic capital deployment. The merger was announced in September 2024 and received overwhelming support at the special meeting of Village shareholders held in December 2024.
“Our TowneBank family is delighted to have our long-time friends at Village Bank join us,” said G. Robert Aston, Jr., Executive Chairman of TowneBank. “We look forward to welcoming more members across the greater Richmond area and providing enhanced capabilities through the bank and our family of companies.” William I. Foster III, TowneBank President and CEO, added, “We have great respect for the bankers joining us from Village and know that our combined companies will be even stronger together.”
Following the merger, which was effective on April 1, 2025, the Village Bank locations will operate as “Village Bank, a Division of TowneBank” until June 2025, when the core systems and operations of Village Bank are scheduled to be converted into those of TowneBank. In connection with the merger, Frank E. Jenkins, Jr., a former director of Village, was appointed to the TowneBank board of directors, effective as of April 1, 2025.
James E. Hendricks, Jr., the former President and Chief Executive Officer of Village, added, “This merger has provided a great opportunity to partner with a strong organization that shares a common commitment to community engagement and preserving neighborhood banking.” Mr. Hendricks was appointed as a Senior Executive Vice President at TowneBank in connection with the merger.
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, Towne values all employees and members by embracing their diverse talents, perspectives, and experiences.
Today, TowneBank operates over 50 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. Towne 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 affiliated companies that include Towne Wealth Management, Towne Insurance Agency, Towne Benefits, TowneBank Mortgage, TowneBank Commercial Mortgage, Berkshire Hathaway HomeServices RW 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
William I. Foster III, Chief Executive Officer, 757-417-6482
Investor contact:
William B. Littreal, Chief Financial Officer, 757-638-6813
FAQ
When will Village Bank complete its system integration with TowneBank (TOWN)?
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