On the ledger

This story has been updated since publication.

With its 2023 purchase of Farmers Bankshares for $53 million, Suffolk’s TowneBank secured its leadership of the Hampton Roads banking market with a nearly 28% share. Truist Bank remains in second place at 23.72%, and the rest of the top five banks in the market are Wells Fargo, Bank of America and Richmond-based Atlantic Union Bank.

According to TowneBank Executive Chairman Bob Aston, TowneBank is eyeing expansion along the Interstate 85 corridor as far south as Greenville, South Carolina. In September, TowneBank announced it plans to acquire Midlothian’s Village Bank and its parent company, Village Bank and Trust Financial, for approximately $120 million. As of June 30, 2024, TowneBank’s market share is 29.95%.

In personnel news, Tyrone Noel is Bank of America’s new Hampton Roads regional president as of September 2023, replacing Francisco “Frank” Castellanos, who now oversees the greater Washington, D.C., market for Merrill. Also, in March, Lisa Morgan was named Atlantic Union’s new Hampton Roads market president, succeeding Andy Hodge.

As for the region’s largest credit unions, Langley Federal is still at the top of the pack by far, with $5.34 billion in assets in fiscal 2023, up from $5.1 billion in fiscal 2022.