The Village Bank branch in Scott’s Addition is now part of TowneBank.
Not to be outdone on Tuesday by the closure of Atlantic Union Bank’s major acquisition in Northern Virginia, TowneBank finalized a sizable Richmond-area deal of its own on the same day.
The Hampton Roads-based bank announced the completion of its acquisition of Midlothian’s Village Bank, in a move that doubles Towne’s local branch footprint.
The all-cash transaction, valued at $120 million adds Village’s $750 million in assets, to Towne’s $17 billion, plus gives Towne an extra nine branches in the Richmond region to go along with its nine existing locations in the region.
TowneBank now has 18 branches in the Richmond market.
The Village Bank name will remain temporarily until June, when the core systems of both banks are fully combined.
It’ll bring an end to a nearly 20-year run for the Village brand. Its roots date back to 1999 when it was founed in Midlothian as Southern Community Bank and Trust. It rebranded to Village a few years later and expanded in the region by acquiring Mechanicsville-based River City Bank in 2008.
Village Bank CEO Jay Hendricks is staying on with TowneBank in a senior executive role to manage the bulk of Village’s commercial and retail bank operations.
The deal marks Towne’s second acquisition of a Richmond-area bank since it bought its way into the market in 2015 by absorbing Franklin Federal Savings Bank.
Towne was founded in Hampton Roads 25 years ago by Bob Aston and others. Village would be its seventh acquisition since then.
Aston, who now serves as Towne’s executive chairman, could not be reached for comment by press time.
The Towne-Village deal helped mark a rare occurrence in the local banking scene: two sizable acquisitions closing on the same day.
The other was Atlantic Union Bank’s massive purchase of Maryland-based Sandy Spring Bank. That transaction was valued at more than $1 billion and makes AUB a nearly $40 billion regional banking behemoth with a reach that now extends from Virginia into North Carolina and Maryland.
The Village Bank branch in Scott’s Addition is now part of TowneBank.
Not to be outdone on Tuesday by the closure of Atlantic Union Bank’s major acquisition in Northern Virginia, TowneBank finalized a sizable Richmond-area deal of its own on the same day.
The Hampton Roads-based bank announced the completion of its acquisition of Midlothian’s Village Bank, in a move that doubles Towne’s local branch footprint.
The all-cash transaction, valued at $120 million adds Village’s $750 million in assets, to Towne’s $17 billion, plus gives Towne an extra nine branches in the Richmond region to go along with its nine existing locations in the region.
TowneBank now has 18 branches in the Richmond market.
The Village Bank name will remain temporarily until June, when the core systems of both banks are fully combined.
It’ll bring an end to a nearly 20-year run for the Village brand. Its roots date back to 1999 when it was founed in Midlothian as Southern Community Bank and Trust. It rebranded to Village a few years later and expanded in the region by acquiring Mechanicsville-based River City Bank in 2008.
Village Bank CEO Jay Hendricks is staying on with TowneBank in a senior executive role to manage the bulk of Village’s commercial and retail bank operations.
The deal marks Towne’s second acquisition of a Richmond-area bank since it bought its way into the market in 2015 by absorbing Franklin Federal Savings Bank.
Towne was founded in Hampton Roads 25 years ago by Bob Aston and others. Village would be its seventh acquisition since then.
Aston, who now serves as Towne’s executive chairman, could not be reached for comment by press time.
The Towne-Village deal helped mark a rare occurrence in the local banking scene: two sizable acquisitions closing on the same day.
The other was Atlantic Union Bank’s massive purchase of Maryland-based Sandy Spring Bank. That transaction was valued at more than $1 billion and makes AUB a nearly $40 billion regional banking behemoth with a reach that now extends from Virginia into North Carolina and Maryland.
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Towne Bank just announced they are acquiring Old Point Bank in Hampton.