Press Releases
1/17/2023 | Suffolk, VA

TowneBank Announces Completion of Farmers Bank Merger

Farmers Bank A Division of TonweBank logo
TowneBank (Nasdaq: TOWN) announced today the completion of its merger with Farmers Bankshares, Inc. and its subsidiary, Farmers Bank, Windsor, Virginia. The merger solidifies the number one market share position for TowneBank in the Virginia Beach-Norfolk-Newport News MSA, adding Isle of Wight and Southampton counties to its service area while expanding Towne Insurance Agency’s market base. The merger was announced in August 2022 and received overwhelming support from Farmers shareholders in December 2022.
“Our TowneBank family is delighted to have our long-time friends at Farmers Bank join us,” said G. Robert Aston, Jr., Executive Chairman of TowneBank. “We look forward to the expanded products and services we can provide to our growing member base through our partnership and the growth of our role as a community asset.”
Following the merger, which was effective on January 13, 2023, the Farmers Bank locations will operate as “Farmers Bank, a Division of TowneBank” until mid-April 2023, when the core systems and operations of Farmers Bank are scheduled to be converted into those of TowneBank.
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