Ex-Virginia attorney general Richard Cullen joins TowneBank board
TowneBank has appointed Richard Cullen, former Virginia Attorney General and Counselor to Governor Glenn Youngkin, to its Corporate Board of Directors, effective February 2026. This appointment leverages Cullen's extensive public and private legal experience. The announcement also noted the recent closure of TowneBank's acquisition of Dogwood State Bank, which brings its pro forma total assets to approximately $22 billion as of December 31, 2025.
Richard Cullen Joins the TowneBank Corporate Board of Directors
TowneBank has announced the appointment of Richard Cullen to its Board of Directors. Mr. Cullen brings extensive experience from a distinguished legal career, including public service as Counselor to Governor Glenn Youngkin and Attorney General of Virginia, and private practice as Chairman of McGuireWoods, LLP. His leadership and public sector background are expected to significantly contribute to the company's continued success.
TowneBank: Q4 Earnings Snapshot
TowneBank reported fourth-quarter net income of $40.6 million, with earnings of 51 cents per share. Adjusted earnings were 70 cents per share, while revenue net of interest expense of $221.1 million fell short of Street forecasts. For the full year, the company had a profit of $169.5 million on revenue of $840.1 million.
TowneBank: Q4 Earnings Snapshot
TowneBank reported a net income of $40.6 million in its fourth quarter, with earnings of 51 cents per share, or 70 cents per share after adjustments. The company's revenue was $291.6 million, and its revenue net of interest expense was $221.1 million, which missed Street forecasts. For the full year, TowneBank reported a profit of $169.5 million on revenue of $840.1 million.
TowneBank–Dogwood merger aims to boost local business lending
TowneBank (NASDAQ: TOWN) has completed its merger with Raleigh-based Dogwood State Bank, expanding its presence significantly across North and South Carolina and into Tennessee. The merger, effective January 12, 2026, extends TowneBank's footprint along the I-85 corridor and strengthens its position in key markets like Raleigh, Charlotte, and Charleston. Steven W. Jones, former CEO of Dogwood, has joined TowneBank as President of the Carolinas, and the combined entity will enhance small business lending capabilities with Dogwood's seasoned SBA lending team.
Dogwood State Bank Shareholders Approve Merger into TowneBank
Shareholders of Dogwood State Bank (OTCQX: DSBX) approved its merger into TowneBank (NASDAQ: TOWN) at a special meeting on December 3, 2025. The merger is expected to close early in the first quarter of 2026, pending regulatory approvals. Dogwood Bank, a Raleigh, N.C.-based community bank with $2.4 billion in assets, views this approval as a significant milestone.
Banking on You Featuring TowneBank
TowneBank, starting from humble beginnings in a 2-car garage in Virginia in 1999, has grown into a significant community bank with over $17 billion in assets and 51 banking offices. The article highlights TowneBank's commitment to community involvement through substantial grants, sponsorships, and volunteer hours, as well as its impactful partnerships in affordable housing development and local economic growth. These initiatives underscore the bank's mission of "Serving Others. Enriching Lives." which extends beyond traditional banking services.
TowneBank completes merger with Old Point Financial Corp.
This article appears to be a stub or an incomplete page focusing on a human verification step. It does not contain any substantive content regarding TowneBank's merger with Old Point Financial Corp., only a prompt for user verification.
KBRA Comments on TowneBank's Merger Agreement to Acquire Dogwood State Bank
KBRA has commented on TowneBank's (TOWN) merger agreement to acquire Dogwood State Bank, noting that the acquisition significantly enhances TowneBank's presence in North Carolina and South Carolina. The deal provides TowneBank with market leadership and scale due to Dogwood's 17 retail branches in attractive markets. KBRA expects TowneBank to rebuild its capital closer to historical levels with enhanced profitability trends stemming from the pending transactions, which also include the in-market acquisition of Old Point Financial Corporation.
$22B Banking Powerhouse: TowneBank's Dogwood State Bank Deal Creates Major Carolinas Presence
TowneBank announced a definitive merger agreement to acquire Dogwood State Bank for approximately $476.2 million in a stock exchange. This strategic acquisition, combined with a pending merger with Old Point Financial Corporation, will create a financial entity with $22 billion in total assets, significantly expanding TowneBank's presence across the Carolinas. The merger is expected to be 8.0% accretive to TowneBank's 2027 earnings per share, with Dogwood's CEO continuing in a key leadership role.
TowneBank buying Raleigh’s Dogwood for $476M
TowneBank is acquiring Raleigh-based Dogwood State Bank for $476 million in stock. This acquisition will add 17 offices in eastern North Carolina and South Charlotte to TowneBank's operations, expanding its presence significantly. The transaction is expected to be accretive to TowneBank's earnings per share by about 8% in 2027 due to anticipated cost savings.
TowneBank: Q3 Earnings Snapshot
TowneBank reported a net income of $44.9 million in its third quarter, with earnings of 60 cents per share. The bank's revenue net of interest expense reached $172.9 million, surpassing Street forecasts.
TowneBank announces director, promotions
TowneBank announced the appointment of Donald W. Comer Jr. as chairman of its Portsmouth/Suffolk board of directors. Additionally, the bank promoted Tracy J. Nelms to executive vice president, Bryan Steele to senior vice president, and Sara Twiford to assistant vice president at its Suffolk campus. All promoted individuals bring extensive experience and community involvement to their new roles.
Strategic Banking Merger: TowneBank Acquires Old Point Financial to Dominate Hampton Roads Market
TowneBank has successfully merged with Old Point Financial Corporation, aiming to strengthen its presence in the Hampton Roads MSA. The merger, effective September 1, 2025, sees Old Point National Bank operating as a division of TowneBank until full systems integration in February 2026. This strategic move includes the retention of key leadership, with former Old Point CEO Robert F. Shuford, Jr. joining TowneBank's executive team.
TowneBank completes $203M acquisition of Old Point
Suffolk-based TowneBank has completed its $203 million acquisition of Hampton-based Old Point Financial. This merger makes TowneBank the bank with the highest market share in Hampton Roads, boasting combined assets of $19.5 billion. Old Point's 13 branches will operate as a division of TowneBank until early 2026 when systems fully integrate.
KBRA Comments on TowneBank's Merger Agreement to Acquire Dogwood State Bank
KBRA has commented on TowneBank's (NASDAQ: TOWN) definitive agreement to acquire Dogwood State Bank (OTC: DSBX) in an all-stock deal valued at $476.2 million. The acquisition, expected to close in Q1 2026, will significantly expand TowneBank's presence in the growing Carolinas market and enhance its lending services and noninterest income through Dogwood's SBA lending division. Despite a moderate impact on TowneBank's capital, the merger is seen as a strategically important move that will strengthen its market position, diversify its loan portfolio, and improve its funding base.
$476M All-Stock Merger: TowneBank's Third Bank Purchase in 12 Months Creates Major Carolinas Player
TowneBank announced an all-stock acquisition of Dogwood State Bank for $476.2 million, marking its third acquisition within a year and significantly expanding its presence in the fast-growing Carolinas region. The merger will create a pro forma bank with $22 billion in assets, strengthening TowneBank's market penetration and financial services offerings, particularly in SBA lending. This strategic move aims to diversify its loan portfolio and enhance profitability.
TowneBank to acquire Old Point in $203M deal
TowneBank announced its plan to acquire Old Point Financial for $203 million, a merger expected to close in the second half of the year. This acquisition will enhance TowneBank's market share in Hampton Roads, bringing its total assets to $19.5 billion. Old Point shareholders can opt for cash or TowneBank common stock in the deal.
TowneBank buys Virginia bank for $120M
TowneBank has agreed to acquire Village Bank and Trust Financial for approximately $120 million, expanding its presence in the Richmond, Virginia area. The acquisition will increase TowneBank's assets to about $17.8 billion and is expected to boost its earnings per share by 6%. The transaction is pending regulatory and stockholder approvals.
New company merger turns Farmer's Bank into TowneBank
A new merger will combine Farmer's Bank and its parent company to become TowneBank, NASDAQ: TOWN. This move is expected to expand TowneBank's market share in Virginia Beach, Norfolk, and Newport News, as well as its service range to Isle of Wight and Southampton counties. The combined entities are projected to have total assets of $17.5 billion, with the agreement slated for completion by early 2023.
TowneBank will cover field trip fees for Hampton Roads students in 2022
TowneBank is sponsoring field trip admission fees for Hampton Roads area schools to visit Operation Smile's Anthony L. and Hideko S. Interactive Learning Center (ILC) in Virginia Beach through June 20, 2022. The ILC offers an immersive experience for students to learn about culture, medicine, geography, and leadership through the stories of patients affected by cleft conditions. This initiative aims to provide an interactive educational opportunity and foster empathy among students.
TowneBank apologizes for memo giving only African American employees Friday off for Juneteenth
TowneBank issued an apology and revised its Juneteenth policy after initially offering a paid day off only to African American employees. The bank's updated policy now grants all employees a paid personal leave day to observe the newly recognized state holiday, acknowledging that all Americans should reflect on its significance. The bank is legally unable to close on the holiday.
TowneBank Arena Coming to Batten Student Center
Virginia Wesleyan University's Convocation Hall will be renovated and renamed TowneBank Arena thanks to a generous gift from TowneBank. The new arena will feature 360-degree grandstand seating for approximately 2,000 spectators, updated courts, and enhanced facilities for athletes and fans. This gift continues TowneBank's significant support for VWU athletics, including previous funding for TowneBank Park.
Sessoms returning to TowneBank shortly after resigning as VB mayor
Former Virginia Beach Mayor Will Sessoms is returning to TowneBank to manage resort properties, just over three months after resigning from his mayoral position. Sessoms previously worked at TowneBank from 2005 to 2014 as president of its Virginia Beach operation and financial services, resigning after a conflict of interest accusation. He stated his resignation as mayor was to pursue private sector opportunities.
TowneBank announces director, promotions
TowneBank has appointed Donald W. Comer Jr. as chairman of its Portsmouth/Suffolk board of directors and announced several promotions at its Suffolk campus. Tracy J. Nelms was promoted to executive vice president, Bryan Steele to senior vice president, and Sara Twiford to assistant vice president. This article details their experience and contributions to the bank and the community.
Mayor Johnson, Mayor Fraim resign from positions at TowneBank
Norfolk Mayor Paul Fraim and Suffolk Mayor Linda Johnson have resigned from their positions on the TowneBank Board of Directors. This decision follows Virginia Beach Mayor Will Sessoms being placed on administrative leave from his Towne Financial Services Group role and was made to eliminate any perception of a conflict of interest, though TowneBank stated no actual conflict exists.
TowneBank promotes four employees
TowneBank and TowneBank Mortgage have announced four promotions within their Suffolk offices. Kevin L. Fly was promoted to executive vice president at TowneBank, while Jaime Michelle Landon became vice president and accounting manager, and Gretchen D. Neild was advanced to assistant vice president. Kristen Dellinger was promoted to vice president at TowneBank Mortgage.
TowneBank Announces Completion of The Bank of Currituck Acquisition
TowneBank announced the completion of its acquisition of The Bank of Currituck, adding six banking offices and expanding its presence into Northeastern North Carolina, including the Outer Banks. This acquisition brought approximately $155 million in deposit accounts and $86 million in selected loans to TowneBank, which expects the transaction to be accretive to earnings in its first full year. The former Bank of Currituck will operate as TowneBank of Currituck, while its former corporate entity, now Currituck Resolution Properties, Inc., will manage retained assets for liquidation.
