Skip to main content

TowneBank Announces Completion of Farmers Bank Merger

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 $16.17 billion representing the combined assets of TowneBank and Farmers Bank as of September 30, 2022, TowneBank is one of the largest banks headquartered in Virginia.

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

Disclaimer & Cookie Notice

Welcome to GOLDEA services for Professionals

Before you continue, please confirm the following:

Professional advisers only

I am a professional adviser and would like to visit the GOLDEA CAPITAL for Professionals website.

Important Notice for Investors:

The services and products offered by Goldalea Capital Ltd. are intended exclusively for professional market participants as defined by applicable laws and regulations. This typically includes institutional investors, qualified investors, and high-net-worth individuals who have sufficient knowledge, experience, resources, and independence to assess the risks of trading on their own.

No Investment Advice:

The information, analyses, and market data provided are for general information purposes only and do not constitute individual investment advice. They should not be construed as a basis for investment decisions and do not take into account the specific investment objectives, financial situation, or individual needs of any recipient.

High Risks:

Trading in financial instruments is associated with significant risks and may result in the complete loss of the invested capital. Goldalea Capital Ltd. accepts no liability for losses incurred as a result of the use of the information provided or the execution of transactions.

Sole Responsibility:

The decision to invest or not to invest is solely the responsibility of the investor. Investors should obtain comprehensive information about the risks involved before making any investment decision and, if necessary, seek independent advice.

No Guarantees:

Goldalea Capital Ltd. makes no warranties or representations as to the accuracy, completeness, or timeliness of the information provided. Markets are subject to constant change, and past performance is not a reliable indicator of future results.

Regional Restrictions:

The services offered by Goldalea Capital Ltd. may not be available to all persons or in all countries. It is the responsibility of the investor to ensure that they are authorized to use the services offered.

Please note: This disclaimer is for general information purposes only and does not replace individual legal or tax advice.