SUFFOLK, Va., April 01, 2025 (GLOBE NEWSWIRE) -- TowneBank (NASDAQ:TOWN) announced today the completion of its merger with Village Bank and Trust Financial Corp. and its subsidiary, Village Bank. The merger enhances TowneBank's continued and growing presence in the Richmond MSA while providing opportunity for diverse revenue synergies with Towne Financial Services Group and strategic capital deployment. The merger was announced in September 2024 and received overwhelming support at the special meeting of Village shareholders held in December 2024.

"Our TowneBank family is delighted to have our long-time friends at Village Bank join us," said G. Robert Aston, Jr., Executive Chairman of TowneBank. "We look forward to welcoming more members across the greater Richmond area and providing enhanced capabilities through the bank and our family of companies." William I. Foster III, TowneBank President and CEO, added, "We have great respect for the bankers joining us from Village and know that our combined companies will be even stronger together."

Following the merger, which was effective on April 1, 2025, the Village Bank locations will operate as "Village Bank, a Division of TowneBank" until June 2025, when the core systems and operations of Village Bank are scheduled to be converted into those of TowneBank. In connection with the merger, Frank E. Jenkins, Jr., a former director of Village, was appointed to the TowneBank board of directors, effective as of April 1, 2025.

James E. Hendricks, Jr., the former President and Chief Executive Officer of Village, added, "This merger has provided a great opportunity to partner with a strong organization that shares a common commitment to community engagement and preserving neighborhood banking." Mr. Hendricks was appointed as a Senior Executive Vice President at TowneBank in connection with the merger.

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 50 banking offices throughout Hampton Roads and Central Virginia, as well as Northeastern and Central North 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, LLC, and Towne Vacations. With total assets of $17.25 billion as of December 31, 2024, TowneBank is one of the largest banks headquartered in Virginia.

For more information, contact:

G. Robert Aston, Jr., Executive Chairman, 757-638-6780

William I. Foster III, Chief Executive Officer, 757-417-6482

Investor contact:

William B. Littreal, Chief Financial Officer, 757-638-6813

TowneBank Announces Completion of Village Bank and Trust Financial Corp. Merger