Ethan Riley
On April 1, 2025, TowneBank announced the completion of its merger with Village Bank and Trust Financial Corp. and its subsidiary, Village Bank. The merger was first announced in September 2024 and received overwhelming support at a special meeting of Village shareholders in December 2024. The transaction was an all-cash deal worth $120 million, with Village Bank shareholders receiving $80.25 per share. Following the merger, Village Bank locations will operate as Village Bank, a Division of TowneBank until June 2025, when the core systems and operations of Village Bank are scheduled to be converted into those of TowneBank.
| Characteristics | Values |
|---|---|
| Date of Merger Announcement | September 24, 2024 |
| Effective Date of Merger | April 1, 2025 |
| Transitional Brand | Village Bank, a Division of TowneBank |
| Transitional Period | Until June 2025 |
| Total Assets of Combined Companies | $17.8 billion |
| Loans | $12.1 billion |
| Deposits | $14.9 billion |
| TowneBank Total Assets | $17.25 billion (as of December 31, 2024) |
| Village Bank Total Assets | $747.7 million (as of June 30, 2024) |
| Value of Merger | $120 million |
| TowneBank's Role | Financial and legal advisors |
| Village Bank's Role | Financial and legal advisors |
Explore related products
What You'll Learn
TowneBank and Village Bank announce their merger
TowneBank and Village Bank have announced their merger, with the deal expected to strengthen TowneBank's presence in the Richmond Metropolitan Statistical Area in Virginia. The merger was announced in September 2024 and was met with overwhelming support at a special meeting of Village shareholders in December 2024.
The merger is an all-cash deal worth $120 million, with Village Bank shareholders receiving $80.25 per share. The deal will enable TowneBank to pursue strategic capital deployment and expand revenue opportunities across its Towne Financial Services Group.
G. Robert Aston, Jr., Executive Chairman of TowneBank, expressed his delight at the merger, stating that it will enhance their presence in the Richmond area and allow them to provide enhanced capabilities. He also welcomed the opportunity to work with long-time friends at Village Bank.
James Hendricks, Jr., former President and CEO of Village Bank, also commented on the merger, highlighting the shared commitment to community engagement and preserving neighbourhood banking. Hendricks will now serve as a Senior Executive Vice President at TowneBank.
The merger is expected to consolidate TowneBank's regional operations and facilitate the broader delivery of financial services through its affiliated businesses. With total assets of $17.25 billion as of December 31, 2024, TowneBank is one of the largest banks headquartered in Virginia. Village Bank, founded in 1999, operates nine branch offices across the Richmond and Williamsburg regions and held total assets of $756.1 million as of December 31, 2024.
The integration process will see Village Bank locations operate as "Village Bank, a Division of TowneBank" until June 2025, when its systems and operations are scheduled to be fully integrated with TowneBank's core platforms.
How to Maximize Your Bank Bonuses: Stacking Strategies for Success
You may want to see also
Explore related products
Village Bank shareholders to receive $80.25 per share
TowneBank and Village Bank and Trust Financial Corporation announced a merger in September 2024. The merger was completed on April 1, 2025, with Village Bank locations operating under the transitional brand "Village Bank, a Division of TowneBank" until June 2025. The merger was valued at $120 million and saw Village Bank shareholders receive $80.25 per share in cash for each outstanding common share.
The merger was a strategic move for both companies. TowneBank sought to expand its market presence in Virginia and pursue strategic capital deployment, while Village Bank aimed to enhance the value delivered to its customers by offering a wider range of products and services.
The combined company will have significant resources, with TowneBank's total assets of $17.25 billion as of December 31, 2024, and Village Bank's total assets of $756.1 million as of the same date. TowneBank operates over 50 banking offices throughout Hampton Roads, Central Virginia, and parts of North Carolina, while Village Bank operated nine branch offices across the Richmond and Williamsburg regions.
The merger was approved by the boards of directors of both companies and received support from Village shareholders at a special meeting in December 2024. The integration process includes the appointment of former Village Bank director Frank E. Jenkins, Jr. to TowneBank's board of directors, effective from the merger completion date.
The State-Celebrity Connection: Ryan Banks' Home
You may want to see also
Explore related products
$88.62 $109.99
Village Bank to operate as a TowneBank division until June 2025
TowneBank and Village Bank have completed a $120 million merger, with the former looking to expand its presence in the Richmond Metropolitan Statistical Area in Virginia. The merger was announced in September 2024 and was met with overwhelming support from Village shareholders in December 2024.
The merger, which was finalised on April 1, 2025, will see Village Bank operate as a division of TowneBank until June 2025. During this transitional period, the Village Bank brand will continue to be used, with the bank's core systems and operations set to be converted to those of TowneBank by mid-June 2025.
G. Robert Aston, Jr., Executive Chairman of TowneBank, expressed his delight at the merger, stating that they "look forward to welcoming more members across the greater Richmond area and providing enhanced capabilities through the bank and our family of companies." William I. Foster III, TowneBank President and CEO, echoed these sentiments, highlighting the strengths of the combined companies.
The merger is expected to bring additional products and services to Village Bank customers, while also enhancing TowneBank's regional operations and facilitating the broader delivery of financial services through its affiliated businesses. With a combined total of $17.8 billion in assets as of June 30, 2024, the merger creates a significant financial entity.
Bank Reporting to the IRS: What You Need to Know
You may want to see also
Explore related products
![Mergers & Acquisitions Bible: [3 in 1] The Most Updated and Practical Guide to the M&A Process](https://m.media-amazon.com/images/I/61v2VprGNHL._AC_UY218_.jpg)
$38 $38
TowneBank to expand its Richmond presence
TowneBank has completed its $120 million merger with Village Bank and Trust Financial Corporation, including its wholly-owned subsidiary Village Bank. The merger was first announced in September 2024 and was finalised in April 2025.
The merger is a strategic move to enhance TowneBank's presence in the Richmond area. Village Bank, founded in 1999, operates nine branch offices around Richmond and Williamsburg. The combined company will have total assets of $17.8 billion, loans of $12.1 billion, and deposits of $14.9 billion.
G. Robert Aston, Jr., Executive Chairman of TowneBank, said, "We believe our partnership can bring additional products and expanded services to the clients of Village Bank while meaningfully enhancing our Richmond presence, which is core to our franchise and future growth."
Following the merger, Village Bank locations will operate as "Village Bank, a Division of TowneBank" until June 2025, when the core systems and operations of Village Bank are scheduled to be converted into those of TowneBank. This integration process will include the appointment of Frank E. Jenkins, Jr., a former director of Village, to the TowneBank board of directors.
The merger is expected to consolidate TowneBank's regional operations and facilitate the broader delivery of financial services through its affiliated businesses.
Israeli Settlements in the West Bank: Legal or Not?
You may want to see also
Explore related products
James Hendricks, Jr. appointed Senior Executive Vice President at TowneBank
On April 1, 2025, TowneBank announced the completion of its merger with Village Bank and Trust Financial Corporation. The merger, first announced in September 2024, enhances TowneBank's presence in the Richmond MSA and provides opportunities for diverse revenue synergies with Towne Financial Services Group.
In connection with the merger, James E. Hendricks, Jr., the former President and Chief Executive Officer of Village Bank, was appointed Senior Executive Vice President at TowneBank. Hendricks expressed his enthusiasm about the merger, stating that it provided a great opportunity to partner with an organization that shared a common commitment to community engagement and preserving neighbourhood banking.
TowneBank, founded in 1999, is a company built on relationships, offering a full range of banking and other financial services. With a focus on serving others and enriching lives, TowneBank values all employees and members by embracing their diverse talents, perspectives, and experiences. The bank operates over 50 banking offices throughout Hampton Roads and Central Virginia, as well as Northeastern and Central North Carolina. It is a local leader in promoting social, cultural, and economic growth in each community.
With total assets of $17.25 billion as of December 31, 2024, TowneBank is one of the largest banks headquartered in Virginia. The merger with Village Bank further strengthens its position and allows it to better serve its customers and communities.
Capital One Bank: Where Are They Located?
You may want to see also
Frequently asked questions
Yes, the merger was completed on April 1, 2025.
The merger was valued at $120 million. Village Bank shareholders received $80.25 per share.
The merger aimed to enhance TowneBank's presence in the Richmond MSA and provide opportunities for diverse revenue synergies with its financial services group. It also allowed TowneBank to expand its capabilities beyond banking and pursue strategic capital deployment.
The merger received overwhelming support from Village shareholders. TowneBank's Executive Chairman, G. Robert Aston, Jr., expressed excitement about the partnership and the ability to enhance their Richmond presence. Village's President and CEO, Jay Hendricks, also stated that the merger was a strategic move to enhance the value delivered to their customers.
Village Bank locations operated as "Village Bank, a Division of TowneBank" until June 2025, when its systems and operations were fully integrated into TowneBank. Former Village Bank director, Frank E. Jenkins, Jr., joined TowneBank's board of directors as part of the integration process.
