TowneBank completes $476M acquisition of Dogwood State Bank

Suffolk-based TowneBank announced Monday that it has completed its $476 million acquisition of North Carolina-based Dogwood State Bank.

The merger significantly expands TowneBank’s presence in the Carolinas, specifically the fast-growing Interstate 85 corridor from Richmond, Greenville, North Carolina and the upstate region of South Carolina.

With the acquisition, TowneBank now has more than 70 locations across Central and Eastern Virginia, North Carolina and South Carolina, as well as a projected $22 billion in assets. Raleigh-based Dogwood had about $2.4 billion in total assets as of June 30, 2025.

Following the merger, which was effective Monday, Dogwood’s 17 locations in North Carolina, South Carolina and eastern Tennessee will operate as “Dogwood State Bank, a Division of TowneBank” until November, when Dogwood’s core systems and operations are scheduled to be converted into those of TowneBank.

Dogwood’s former CEO, Steven W. Jones, will join TowneBank as president of the Carolinas and serve as a member of the TowneBank Corporate Management Group. Jones and George Perkins, a former director of Dogwood, were appointed to TowneBank’s board of directors effective Monday.

“We are honored to welcome Steve and his talented teammates to our Towne family,” TowneBank Executive Chairman G. Robert Aston Jr. said in a statement. “Their efforts to build Dogwood into an excellent, high-performing bank are truly impressive.”

Aston told Virginia Business in August 2025, when the acquisition was announced, that the merger would increase TowneBank’s employee count from about 2,800 to around 3,000. He said most of Dogwood’s employees will remain employed after the merger, though he noted there would be some consolidation, including 10% or fewer of the Dogwood workforce.

In September 2025, TowneBank closed its $203 million acquisition of Hampton-based Old Point National Bank of Phoebus and its parent company, Old Point Financial. That acquisition cemented TowneBank’s position as the bank with the highest market share in Hampton Roads. In April 2025, Towne closed on its $120 million purchase of Village Bank.