M&A News: TowneBank expands in Virginia
By Paul Davis TowneBank in Suffolk, Virginia, has agreed to buy Farmers Bankshares in Windsor, Virginia. The $16.9 billion-asset TowneBank said in ...
By Paul Davis TowneBank in Suffolk, Virginia, has agreed to buy Farmers Bankshares in Windsor, Virginia. The $16.9 billion-asset TowneBank said in a press release Thursday that it will pay $56 million in stock for the $609 million-asset Farmers. The deal, which is expected to close in the first quarter, priced Farmers at 196% of its tangible book value. TowneBank will enter Isle of Wight and Southampton counties when the deal is completed. Farmers has eight branches, $277 million of loans and $521 million of deposits.