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]

Core Viewpoint - TowneBank has successfully completed its merger with Village Bank and Trust Financial Corp, enhancing its presence in the Richmond MSA and creating opportunities for revenue synergies and strategic capital deployment [1][2]. Company Overview - TowneBank, founded in 1999, focuses on building relationships and offers a full range of banking and financial services, emphasizing community engagement and enriching lives [4]. - As of December 31, 2024, TowneBank has total assets of $17.25 billion, making it one of the largest banks headquartered in Virginia [5]. Merger Details - The merger was announced in September 2024 and received strong support from Village shareholders during a special meeting in December 2024 [1]. - Following the merger effective April 1, 2025, Village Bank locations will operate as "Village Bank, a Division of TowneBank" until June 2025, when their systems will be integrated [2]. - Frank E. Jenkins, Jr., a former director of Village, has been appointed to the TowneBank board of directors as of April 1, 2025 [2]. Leadership Statements - G. Robert Aston, Jr., Executive Chairman of TowneBank, expressed enthusiasm about the merger and the opportunity to welcome more members in the Richmond area [2]. - James E. Hendricks, Jr., former President and CEO of Village, highlighted the merger as a chance to partner with an organization committed to community engagement [3].