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Photo: AdobeStock
Photo: AdobeStock
TowneBank grows market share via M&A
Virginia Business //September 29, 2025//
TowneBank is once again the leader in the Hampton Roads banking market, holding a nearly 30% share as of June 2024.
That’s set to grow quickly. Towne’s $203 million acquisition of Norfolk-based Old Point National Bank of Phoebus and its parent company closed in September. In August, TowneBank announced it plans to acquire North Carolina’s Dogwood State Bank for $475 million, expanding into the Carolinas.
The Old Point acquisition follows TowneBank’s purchase of Midlothian’s Village Bank and its parent in April, as well as its 2023 purchase of Windsor-based Farmers Bankshares.
Coming in at No. 2 again this year is Truist Bank, holding 22.54% of the market. It’s followed by Wells Fargo Bank and Bank of America.
Looking to the region’s credit unions, Langley Federal remains at the top of the list, with $5.5 billion in assets and over 395,000 members as of the first quarter. Langley President and CEO Tom Ryan announced in February his plans to retire at the end of this year; as of press time, his successor has not been named.
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