Welcome to our dedicated page for Townebank Portsmouth Va news (Ticker: TOWN), a resource for investors and traders seeking the latest updates and insights on Townebank Portsmouth Va stock.
TowneBank (NASDAQ: TOWN) generates frequent news coverage as a regional commercial bank and financial services company active in Virginia, North Carolina, South Carolina, and parts of Tennessee. This news page aggregates company announcements, market updates, and transaction-related disclosures so readers can follow developments that affect TowneBank’s operations and footprint.
Recent news has highlighted TowneBank’s growth through mergers and acquisitions. The bank completed its merger with Old Point Financial Corporation, adding Old Point National Bank and Old Point Wealth Management and enhancing its core deposit base in the Hampton Roads region. TowneBank also announced and then completed the merger of Dogwood State Bank, a community bank headquartered in Raleigh, North Carolina, which expanded TowneBank’s presence along the Interstate 85 corridor and in key Carolinas markets, including Raleigh, Charlotte, Greensboro–Winston Salem, Greenville, and coastal North Carolina communities, as well as Charleston, South Carolina, and Elizabethton, Tennessee.
Investors and observers can expect TowneBank news to cover quarterly earnings releases, dividend declarations, regulatory approvals for mergers, closing announcements for acquisitions, and integration milestones for acquired institutions such as Village Bank and Trust Financial Corp., Old Point Financial Corporation, and Dogwood State Bank. Company updates also describe changes in deposits, loans, asset quality, and capital ratios, as well as commentary from TowneBank’s leadership on strategy, credit trends, and market conditions.
This page is useful for tracking how TowneBank’s Main Street banking strategy, community focus, and expansion efforts translate into financial performance and regional growth. For ongoing insight into TOWN news, readers can review the latest press releases, transaction updates, and earnings summaries as they are published.
TowneBank (Nasdaq: TOWN) has completed its merger with Old Point Financial Corporation, including its subsidiaries Old Point National Bank and Old Point Wealth Management. The strategic merger, effective September 1, 2025, strengthens TowneBank's presence in the Hampton Roads MSA market.
Old Point National Bank locations will temporarily operate as "Old Point National Bank, a Division of TowneBank" until February 2026, when core systems integration is scheduled. Former Old Point CEO Robert F. Shuford, Jr. will join as senior executive vice president and serve as chairman of the TowneBank Peninsula board starting January 2026.
TowneBank (NASDAQ: TOWN) has declared a quarterly cash dividend of $0.27 per common share for the third quarter. The dividend will be payable on October 10, 2025, to shareholders of record as of September 29, 2025. The Hampton Roads based bank's future dividend declarations will continue to be subject to Board approval and regulatory requirements.
TowneBank (NASDAQ: TOWN) has announced a definitive agreement to acquire Dogwood State Bank (OTC: DSBX) in an all-stock transaction valued at $476.2 million. The merger, expected to close in 1Q26, will create a combined entity with $22 billion in assets, $16 billion in loans, and $19 billion in deposits.
The acquisition significantly expands TOWN's presence in the Carolinas with 17 additional retail branches in key markets including Raleigh, Charlotte, Greenville, Wilmington, and Charleston. Dogwood's specialization in SBA lending and small business services will complement TOWN's existing operations. The deal represents TOWN's third acquisition within a year, following Old Point Financial Corporation and Village Bank acquisitions.
The transaction is priced at $25.04 per DSBX share, reflecting a 2.1x price-to-tangible book value ratio. The proforma bank will maintain a CET1 ratio of approximately 11%, with expectations to rebuild capital closer to historical levels of 12-13%.
TowneBank (NASDAQ: TOWN) has announced a definitive merger agreement to acquire Dogwood State Bank (OTCQX: DSBX) in a strategic expansion move along the Interstate 85 corridor. The transaction, valued at approximately $476.2 million, will be executed through a stock exchange where Dogwood shareholders will receive 0.700 shares of TowneBank stock for each Dogwood share.
Following this acquisition and the pending Old Point Financial Corporation merger, the combined entity will command $22 billion in total assets, $16 billion in loans, and $19 billion in deposits. The merger is expected to be 8.0% accretive to TowneBank's 2027 earnings per share. Dogwood's CEO Steve Jones will join TowneBank as President of North Carolina and South Carolina operations.
TowneBank (NASDAQ: TOWN) and Old Point Financial Corporation (NASDAQ: OPOF) have announced the expected closing date and election deadline for their merger after receiving all necessary regulatory approvals. The merger is set to close around September 1, 2025, with an election deadline of August 26, 2025, at 5:00 p.m. ET.
Old Point shareholders can choose to receive either $41.00 in cash, 1.14 shares of TowneBank common stock, or a combination of both for each Old Point share. The stock consideration will be subject to allocation procedures ensuring between 50% and 60% of Old Point shares receive stock consideration. Shareholders who don't make an election by the deadline will have no control over the type of consideration they receive.
TowneBank (NASDAQ: TOWN) reported Q2 2025 earnings of $38.84 million, or $0.51 per diluted share, compared to $42.86 million ($0.57/share) in Q2 2024. Core earnings reached $61.34 million ($0.81/share). The company achieved record quarterly revenue of $207.44 million, up 18.56% year-over-year.
Key highlights include the successful completion of the Village Bank acquisition in April 2025, bringing $576.57 million in loans and $637.49 million in deposits. Total deposits increased to $15.33 billion, up 7.40% year-over-year, while loans held for investment grew to $12.36 billion, a 7.93% increase. The net interest margin improved to 3.38%, up 24 basis points from the previous quarter.
The company maintained strong credit quality with minimal net charge-offs and an allowance for credit losses representing 1.09% of total loans. Noninterest income increased by 6.53% to $70.23 million, driven by growth in insurance commissions and property management fees.
TowneBank (NASDAQ: TOWN) has announced an increase in its quarterly cash dividend. The Board of Directors declared a Q2 2025 dividend of $0.27 per common share, representing an 8% increase from the previous dividend rate. This equates to $1.08 per common share annually. The dividend will be payable on July 11, 2025, to shareholders of record as of June 27, 2025. Future dividend declarations remain subject to Board approval and regulatory restrictions.
TowneBank (NASDAQ: TOWN) reported strong Q1 2025 earnings of $50.59 million, or $0.67 per diluted share, compared to $34.69 million ($0.46/share) in Q1 2024. Core earnings reached $50.98 million ($0.68/share).
Key highlights include:
- Total revenues increased 14.93% to $192.04 million
- Net interest income grew by $17.26 million
- Total deposits reached $14.61 billion, up 3.42% year-over-year
- Loans held for investment were $11.65 billion, showing 1.75% growth
- Net interest margin improved to 3.14%
The bank completed its partnership with Village Bank and Trust Financial Corp on April 1, 2025, and announced a definitive agreement with Old Point Financial The company maintained strong asset quality with nonperforming assets at 0.04% of total assets.
TowneBank (NASDAQ: TOWN) has announced a definitive merger agreement to acquire Old Point Financial , enhancing its position in the Hampton Roads MSA. The transaction, valued at approximately $203 million, will create a combined entity with $19.5 billion in total assets, $13.1 billion in loans, and $16.3 billion in deposits (as of December 31, 2024).
Under the agreement terms, Old Point shareholders can choose either $41.00 in cash or 1.1400 shares of TowneBank common stock for each Old Point share, with total stock consideration representing between 50% and 60% of the total payment. The merger is expected to close in the second half of 2025, subject to regulatory and shareholder approvals.
The acquisition is projected to be approximately 10% accretive to TowneBank's earnings per share with fully phased-in cost savings on a GAAP basis.
TowneBank (TOWN) has completed its merger with Village Bank and Trust Financial Corp. and its subsidiary, Village Bank, strengthening its presence in the Richmond MSA. The merger, announced in September 2024 and approved by Village shareholders in December 2024, offers opportunities for revenue synergies with Towne Financial Services Group and strategic capital deployment.
Village Bank locations will temporarily operate as 'Village Bank, a Division of TowneBank' until June 2025, when core systems and operations will be fully integrated. As part of the merger, Frank E. Jenkins, Jr., former Village director, joins TowneBank's board, while James E. Hendricks, Jr., Village's former CEO, becomes Senior Executive Vice President at TowneBank.