Press Releases
10/6/2026 | Suffolk, VA | Mooresville, NC
Hampton Roads based TowneBank (NASDAQ: TOWN) and Mooresville based blueharbor bank (OTCQX: BLHK) (“blueharbor”), today announced the signing of a definitive merger agreement pursuant to which TowneBank will acquire blueharbor for approximately $154 million, based on TowneBank’s 10-day volume-weighted average price of $36.15 as of October 2, 2026. The proposed transaction will enhance TowneBank’s position in the greater Charlotte MSA as well as the fast-growing I-77 corridor including Mooresville and Statesville. The combination brings together blueharbor’s strong local lending and core deposit relationships with TowneBank’s broader resources, creating a stronger platform to serve customers across the region. The transaction is expected to further leverage TowneBank’s recent expansion throughout the Carolina markets.As of June 30, 2026, blueharbor had total assets of approximately $628 million, loans of approximately $537 million, deposits of approximately $551 million, and 5 office locations.
“We are excited to welcome blueharbor and its talented team to the TowneBank family,” said G. Robert Aston, Jr., Executive Chairman of TowneBank. “blueharbor has a long history of stellar performance along with an excellent reputation across the communities it serves. This partnership reflects TowneBank’s ongoing efforts to attract experienced banking talent and build meaningful growth markets.”
“blueharbor was built on a focus upon customers, businesses and communities throughout the I-77 corridor,” said Jim Marshall, President and Chief Executive Officer of blueharbor. “We are excited to partner with TowneBank, whose commitment to community banking and serving others closely reflects our own. Our customers will benefit from TowneBank’s broader range of products, services
and technology while continuing to receive the local service they value.”
“I have known Jim Marshall for years, and we are extremely proud to have him and his team as members of our TowneBank family,” said Steve Jones, President, TowneBank of the Carolinas.
Under the terms of the agreement, shareholders of blueharbor will receive $12.70 in cash and 1.0534 shares of TowneBank common stock for each share of blueharbor outstanding common stock, for an implied value of $50.78 per share based on TowneBank’s 10-day volume-weighted average price. The total consideration mix results in approximately 75% of the transaction paid in TowneBank common stock.
Following the consummation of the merger, Kelley Earnhardt Miller, Chairman of the blueharbor Board of Directors and Chief Executive Officer of JR Motorsports, will join the TowneBank family as a member of the TowneBank Corporate Board of Directors, and Jim Marshall will join the TowneBank family as Piedmont Regional President.
The definitive agreement was approved by the boards of directors of TowneBank and blueharbor. The transaction is expected to close in the first quarter of 2027 and is subject to customary closing conditions, including regulatory approval, as well as the approval of blueharbor’s shareholders.
Piper Sandler & Co. served as the financial advisor and Wachtell, Lipton, Rosen & Katz and Williams Mullen served as legal counsel to TowneBank in the transaction. D.A. Davidson & Co. served as financial advisor and Brooks, Pierce, McLendon, Humphrey & Leonard, LLP served as legal counsel to blueharbor in the transaction.
About TowneBank:
Founded in 1999, TowneBank is a company built on relationships, offering a full range of banking and other financial services, with a focus of serving others and enriching lives. Dedicated to a culture of caring, Towne values all employees and members by embracing their diverse talents, perspectives, and experiences.
Today, TowneBank operates over 70 banking offices throughout Hampton Roads and Central Virginia, Eastern and Central North Carolina, the Greenville and upstate region of South Carolina, and Charleston, South Carolina - serving as a local leader in promoting the social, cultural, and economic growth in each community. Towne offers a competitive array of business and personal banking solutions, delivered with only the highest ethical standards. Experienced local bankers providing a higher level of expertise and personal attention with local decision-making are key to the
TowneBank strategy. TowneBank has grown its capabilities beyond banking to provide expertise through its affiliated companies that include Towne Wealth Management, Towne Insurance Agency, Towne Benefits, TowneBank Mortgage, TowneBank Commercial Mortgage, Berkshire Hathaway HomeServices RW Towne Realty, Towne 1031 Exchange, and Towne Trust Company, N.A. With total assets of $22.6 billion as of June 30, 2026, TowneBank is one of the largest banks headquartered in Virginia.
About blueharbor:
blueharbor bank is a community bank headquartered in Mooresville, North Carolina, with approximately $628 million in total assets as of June 30, 2026. Founded in 2008, blueharbor provides personal and business banking products and services through branch offices in Mooresville, Statesville and Mount Airy, as well as loan production offices in Belmont and Hickory. The bank serves customers throughout the region with a focus on long-standing relationships and local decisionmaking. BACK TO NEWS