TowneBank Announces Completion of Dogwood State Bank Merger

Core Insights - TowneBank has completed its merger with Dogwood State Bank, enhancing its strategic presence along the Interstate 85 corridor and in key North Carolina markets [1][2] - The merger expands TowneBank's footprint along the Eastern North Carolina coast and includes a new location in Charleston, South Carolina [1] - Following the merger, Dogwood locations will operate as a division of TowneBank until November 2026, when systems will be fully integrated [2] Company Leadership - Steven W. Jones, former CEO of Dogwood, will serve as President of the Carolinas for the combined company and join TowneBank's Corporate Management Group [3] - George (Robin) Perkins, a former director of Dogwood, has also been appointed to the TowneBank Board of Directors [3] Strategic Goals - TowneBank aims to leverage Dogwood's experienced SBA lending team to enhance small business lending capabilities across its expanded footprint [4] - The merger is seen as a partnership that aligns with the values of both institutions, focusing on local banking and community support [4] Company Overview - TowneBank, founded in 1999, operates over 70 banking offices and offers a full range of financial services, emphasizing community enrichment and ethical standards [5][6] - With the addition of Dogwood, TowneBank's pro forma assets are projected to be approximately $22 billion as of September 30, 2025, positioning it as one of the largest banks headquartered in Virginia [6]