HAMPTON ROADS, Va.--A new merger will combine a Suffolk and Windsor company in order to benefit the companies’ service and revenue. Farmer’s Bank and its parent company will merge to become TowneBank, also known as NASDAQ: TOWN.
“Our TowneBank family is humbled and excited to join hands with our long-time friends at Farmers,” said G. Robert Aston, Jr., Executive Chairman of TowneBank.
This will set TowneBank’s placement as the number one market share in Virginia Beach, Norfolk, and Newport News. It will also expand its service range to the counties of Isle of Wight and Southampton.
“We believe our partnership can bring additional products and expanded services to the clients of Farmers Bank while helping our communities grow and prosper.”
According to financial reports, the companies would have total assets of $17.5 billion together. This merger was approved by the board of directors of each company.
“We feel privileged to partner with our neighbors at TowneBank,” stated Vernon Towler, CEO of Farmers. “They share with Farmers Bank a commitment to philanthropy and community engagement. TowneBank is an incredibly strong organization.”
This agreement is slated to be completed by early 2023. For more information, visit the company website.
