TowneBank and Village Bank and Trust Financial Corp. Receive Regulatory Approvals for Merger

Core Viewpoint - TowneBank has received regulatory approval for its acquisition of Village Bank and Trust Financial Corp, with over 86% of Village's shareholders voting in favor of the merger, which is expected to enhance TowneBank's presence in the Richmond MSA and create revenue synergies [1][2][3] Group 1: Merger Details - The merger is anticipated to be completed in early April 2025, pending customary closing conditions [2] - Following the merger, Village Bank locations will operate as "Village Bank, a Division of TowneBank" until mid-June 2025, when systems will be integrated [2] Group 2: Company Profiles - TowneBank, founded in 1999, operates over 50 banking offices and has total assets of $17.25 billion as of December 31, 2024, making it one of the largest banks in Virginia [5] - Village Bank and Trust Financial Corp, also founded in 1999, operates nine branch offices and had total assets of $756.1 million as of December 31, 2024 [6]