TowneBank to Acquire Village Bank, Boost Richmond MSA Presence [Yahoo! Finance]
Towne Bank (TOWN)
Last towne bank earnings: 4/27 08:30 am
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Source: Yahoo! Finance
VBFC. The all-cash transaction is valued at $120 million. Details of the Acquisition Pursued by TowneBank Per the agreement, TowneBank will pay $80.25 per share in cash for each share of Village Bank. The merger agreement has been approved by the board of directors of both entities. The deal is anticipated to be completed in the first half of 2025 subject to requisite regulatory approvals alongside approval of Village Bank's shareholders. Upon the closure, VBFC will be merged with TOWN. Village Bank, established in 1999 and based in Midlothian, VA, operates nine retail branches primarily located in Richmond MSA. As of June 30, 2024, VBFC had roughly $748 million in assets, $611 million in net loans and $620.2 million in deposits. The combined entity is anticipated to have roughly $17.8 billion in total assets, $14.9 billion in total deposits and $12.1 billion in total loans. TOWN's Rationale Behind the Acquisition The deal is anticipated to be roughly 6% accretive to TOW
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TOWN
News
- John Baiocco of TowneBank & Bryan Peckinpaugh of Baker Hill to Present at American Banker's Small Biz Banking Conference [Yahoo! Finance]Yahoo! Finance
- TowneBank (NASDAQ: TOWN) was upgraded by analysts at Keefe, Bruyette & Woods from a "market perform" rating to an "outperform" rating. They now have a $40.00 price target on the stock, up previously from $35.00.MarketBeat
- STOCKHOLDER ALERT: The M&A Class Action Firm Investigates the Mergers of SMAR, TOWN and BRZHPR Newswire
- TowneBank (NASDAQ:TOWN) Will Pay A Dividend Of $0.25 [Yahoo! Finance]Yahoo! Finance
- TowneBank and Village Bank and Trust Financial Corp. Announce Agreement to MergeGlobeNewswire
TOWN
Earnings
- 7/24/24 - Beat
TOWN
Analyst Actions
- 10/2/24 - Keefe, Bruyette & Woods