Dogwood State Bank Merger with TowneBank Complete

In January, TowneBank announced the completion of the merger with Raleigh-based Dogwood State Bank. The merger enhances TowneBank’s strategic journey down the fast-growing Interstate 85 corridor from Richmond, Virginia, and into Greenville and the upstate region of South Carolina. It also strengthens TowneBank’s position in key North Carolina markets, including Raleigh, Charlotte, Greensboro-Winston Salem, and Greenville. In addition, the merger expands the bank’s footprint along the Eastern North Carolina coast from the Outer Banks to include Morehead City, Wilmington, and Fayetteville, together with a new location in historic Charleston, South Carolina. 

Dogwood locations will operate as “Dogwood State Bank, a Division of TowneBank” until November 2026, when the core systems and operations of Dogwood are scheduled to be converted into those of TowneBank. Steven W. Jones, the former chief executive officer of Dogwood, will continue in a key leadership role with the combined company and join TowneBank as President of the Carolinas, serving as a member of the TowneBank Corporate Management Group 

“We are honored to welcome Steve and his talented teammates to our Towne family. Their efforts to build Dogwood into an excellent, high-performing bank are truly impressive,” said TowneBank executive chairman Bob Aston. “We look forward to working with them to take our Main Street Bank forward in our existing and new fast-growing markets in North and South Carolina.” 

“Dogwood has highly respected bankers with deep expertise,” said TowneBank president and CEO Bill Foster. “We are excited to add Dogwood’s seasoned SBA lending team that will significantly enhance our small business lending capabilities throughout our footprint and in other select markets.”  

“When it came to forming a partnership to continue the legacy of Dogwood, TowneBank demonstrated values that naturally aligned with ours,” Steve Jones added. “We are excited to combine our resources into one dedicated financial institution that celebrates the power of local banking.”