Dogwood State Bank Shareholders Approve Merger into TowneBank

Rhea-AI Summary

Dogwood State Bank (OTCQX: DSBX) shareholders approved the merger into TowneBank (NASDAQ: TOWN) at a special meeting on December 3, 2025.

The parties expect the merger to close early in the first quarter of 2026, subject to satisfaction of customary closing conditions including the receipt of all required regulatory approvals.

Positive

• Shareholder approval secured on December 3, 2025
• Targeted closing window: early Q1 2026

Negative

• Merger remains subject to receipt of all required regulatory approvals
• Closing conditional on customary closing conditions which could delay completion

News Market Reaction – DSBX

+3.14%

1 alert

+3.14% News Effect

On the day this news was published, DSBX gained 3.14%, reflecting a moderate positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

RALEIGH, N.C., Dec. 10, 2025 /PRNewswire/ -- Shareholders of Dogwood State Bank (OTCQX: DSBX) ("Dogwood" or the "Bank") approved the previously announced merger of Dogwood into TowneBank (NASDAQ: TOWN) at a special meeting of shareholders on December 3, 2025.

The parties expect the merger to close early in the first quarter of 2026 subject to satisfaction of customary closing conditions, including the receipt of all required regulatory approvals.

Steve Jones, CEO of Dogwood, stated, "We are pleased that our shareholders have approved the proposed merger into TowneBank. This approval marks a significant milestone, and we look forward to completing the merger and moving forward together."

About Dogwood State Bank

Dogwood State Bank is a state-chartered community bank headquartered in Raleigh, North Carolina, with approximately $2.4 billion in total assets. Dogwood provides a wide range of banking products and services through its online offerings and branch offices in North Carolina, South Carolina, and Eastern Tennessee. Dogwood also specializes in providing lending services to small businesses through its Dogwood State Bank Small Business Lending division. Dogwood is focused on becoming the bank for businesses, business owners, professionals, and their employees. and redefining what it means to Bank Local.

Forward-Looking Statements

Statements made in this press release, other than those concerning historical financial information and facts, may be considered forward-looking statements, which speak only as of the date of this press release and are based on current expectations and involve a number of assumptions. Forward-looking statements can be identified by words such as "anticipate," "intend," "plan," "goal," "seek," "believe," "project," "estimate," "expect," "strategy," "future," "likely," "may," "should," "will" and similar references to future periods. Our ability to predict results, or the actual effect of our future plans or strategies, is inherently uncertain and subject to a number of risks. Factors that could have a material effect on the Bank's operations and future prospects include but are not limited to: the merger of the Bank with and into TowneBank (the "merger") may not be consummated in a timely manner or at all; the regulatory approvals required for the merger may not be obtained; the combination of the businesses of the Bank and TowneBank may take longer, be more difficult, time-consuming or costly to accomplish than expected; the expected growth opportunities or cost savings from the merger may not be fully realized or may take longer to realize than expected; deposit attrition, operating costs, customer losses and business disruption following the merger, including adverse effects on relationships with employees and customers, may be greater than expected; changes in interest rates, and general economic and business conditions; legislative/regulatory changes; the monetary and fiscal policies of the U.S. government, including policies of the U.S. Treasury and the Board of Governors of the Federal Reserve System; the quality and composition of the Bank's loan and securities portfolios; demand for loan products and other financial services in our market areas; inflation; deposit flows; competition; our implementation of new technologies and ability to develop and maintain secure and reliable electronic systems; changes in the securities markets; and changes in accounting principles, policies and guidelines.  These risks and uncertainties should be considered in evaluating forward-looking statements and undue reliance should not be placed on such statements. We undertake no obligation to update or clarify these forward-looking statements, whether as a result of new information, future events or otherwise.

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SOURCE Dogwood State Bank

FAQ

When did Dogwood State Bank shareholders approve the merger into TowneBank (TOWN)?

Shareholders approved the merger at a special meeting on December 3, 2025.

What is the expected closing date for the TowneBank (TOWN) acquisition of Dogwood (DSBX)?

The parties expect the merger to close early in the first quarter of 2026, subject to conditions.

Is the Dogwood into TowneBank merger (TOWN) final after shareholder approval?

No; the transaction remains subject to customary closing conditions and required regulatory approvals.

Which regulatory approvals are required for the Dogwood (DSBX) merger into TowneBank (TOWN)?

The announcement says all required regulatory approvals must be received; specific agencies were not named.

How does the December 10, 2025 announcement affect TowneBank (TOWN) shareholders?

The announcement confirms shareholder approval at Dogwood and an expected early Q1 2026 close, subject to conditions.

Where can investors find updates on the TowneBank (TOWN) and Dogwood (DSBX) merger timeline?

Investors should monitor company disclosures and regulatory notices for updates on closing and approval status.