TowneBank completes Farmers Bank acquisition
Deal closed on Jan. 13
Suffolk-based TowneBank has completed its acquisition of Windsor-headquartered Farmers Bankshares Inc., the parent company of Farmers Bank, TowneBank announced Tuesday.
The $56 million deal created a combined company worth $17.5 billion in total assets, loans of $10.9 billion and $14.5 billion. It adds Isle of Wight and Southampton counties to TowneBank’s service area, as well as expanding revenues for Towne Insurance.
The merger was announced in August 2022 and Farmers shareholders approved the deal in December 2022. The merger was effective on Jan. 13 and Farmers Bank locations will operate as “Farmers Bank, a Division of TowneBank” until mid-April when the core systems and operations will be converted to TowneBank’s.
“Our TowneBank family is delighted to have our long-time friends at Farmers Bank join us,” G. Robert Aston Jr., executive chairman of TowneBank, said in a news release. “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.”
The merger also solidifies TowneBank’s No. 1 market share position in Hampton Roads.