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Purchase is set to be completed in April
Kate Andrews //March 11, 2025//
TowneBank is set to acquire Village Bank and its parent company in April 2025. Photo by AdobeStock
TowneBank is set to acquire Village Bank and its parent company in April 2025. Photo by AdobeStock
Purchase is set to be completed in April
Kate Andrews //March 11, 2025//
Suffolk-based TowneBank’s $120 million acquisition of Midlothian’s Village Bank and Trust Financial Corp. has been approved by the FDIC and the Virginia State Corporation Commission, clearing the way for a completed deal in early April, the two banks said Tuesday.
Announced in September 2024, the combined bank, which will still be known as TowneBank, will have total assets of approximately $17.8 billion, $14.9 billion in deposits and $12.1 billion in loans, based on financial information reported as of June 30, 2024.
Founded in 1999, TowneBank has more than 50 locations across Central and Eastern Virginia and North Carolina, and it will add Village Bank’s nine branch offices serving the greater Richmond area and Williamsburg. Following the merger, those locations will operate as “Village Bank, a Division of TowneBank,” until mid-June, when the core systems and operations will be folded into those of TowneBank.
As of Dec. 31, 2024, TowneBank had total assets of $17.25 billion, and it is the second largest bank headquartered in Virginia, with $10.68 billion in deposits as of June 30, 2024.
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