{"id":832356,"date":"2025-04-01T11:55:59","date_gmt":"2025-04-01T15:55:59","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/townebank-announces-completion-of-village-bank-and-trust-financial-corp-merger\/"},"modified":"2025-04-01T11:55:59","modified_gmt":"2025-04-01T15:55:59","slug":"townebank-announces-completion-of-village-bank-and-trust-financial-corp-merger","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/townebank-announces-completion-of-village-bank-and-trust-financial-corp-merger\/","title":{"rendered":"TowneBank Announces Completion of Village Bank and Trust Financial Corp. Merger"},"content":{"rendered":"<div class=\"mw_release\">\n<p align=\"justify\">SUFFOLK, Va., April  01, 2025  (GLOBE NEWSWIRE) &#8212; TowneBank (Nasdaq: TOWN) announced today the completion of its merger with Village Bank and Trust Financial Corp. and its subsidiary, Village Bank.\u00a0\u00a0 The merger enhances TowneBank\u2019s 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.<\/p>\n<p align=\"justify\">\u201cOur TowneBank family is delighted to have our long-time friends at Village Bank join us,\u201d said G. Robert Aston, Jr., Executive Chairman of TowneBank. \u201cWe look forward to welcoming more members across the greater Richmond area and providing enhanced capabilities through the bank and our family of companies.\u201d William I. Foster III, TowneBank President and CEO, added, \u201cWe have great respect for the bankers joining us from Village and know that our combined companies will be even stronger together.\u201d<\/p>\n<p align=\"justify\">Following the merger, which was effective on April 1, 2025, the Village Bank locations will operate as \u201cVillage Bank, a Division of TowneBank\u201d 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.<\/p>\n<p align=\"justify\">James E. Hendricks, Jr., the former President and Chief Executive Officer of Village, added, \u201cThis merger has provided a great opportunity to partner with a strong organization that shares a common commitment to community engagement and preserving neighborhood banking.\u201d Mr. Hendricks was appointed as a Senior Executive Vice President at TowneBank in connection with the merger.<\/p>\n<p>\n        <strong>About TowneBank<\/strong>:<\/p>\n<p align=\"justify\">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.<\/p>\n<p align=\"justify\">Today, TowneBank operates over 50 banking offices throughout Hampton Roads and Central Virginia, as well as Northeastern and Central North Carolina \u2013 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.<\/p>\n<p align=\"left\">\n        <strong>For more information, contact:<\/strong><br \/>\n        <br \/>G. Robert Aston, Jr., Executive Chairman, 757-638-6780<br \/>William I. Foster III, Chief Executive Officer, 757-417-6482<\/p>\n<p align=\"left\">\n        <strong>Investor contact:<\/strong><br \/>\n        <br \/>William B. Littreal, Chief Financial Officer, 757-638-6813<\/p>\n<p>      <img decoding=\"async\" alt=\"\" class=\"__GNW8366DE3E__IMG\" src=\"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=OTQxNDM4MiM2ODQ0MTE0IzIwMTg5NjQ=\" \/><br \/>\n      <br \/>\n      <img decoding=\"async\" alt=\"\" src=\"https:\/\/ml.globenewswire.com\/media\/YTZhMDcxYTMtZGQ0My00OTFmLTk3YzUtOWYwZWJjODU2MDA0LTEwMzA1MzctMjAyNS0wNC0wMS1lbg==\/tiny\/TowneBank.png\" \/>\n    <\/div>\n<div class=\"mw_contactinfo\"><\/div>\n","protected":false},"excerpt":{"rendered":"<p>SUFFOLK, Va., April 01, 2025 (GLOBE NEWSWIRE) &#8212; TowneBank (Nasdaq: TOWN) announced today the completion of its merger with Village Bank and Trust Financial Corp. and its subsidiary, Village Bank.\u00a0\u00a0 The merger enhances TowneBank\u2019s 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. \u201cOur TowneBank family is delighted to have our long-time friends at Village Bank join us,\u201d said G. Robert Aston, Jr., Executive Chairman of TowneBank. \u201cWe look forward to welcoming more members across the greater Richmond area and providing enhanced capabilities &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/townebank-announces-completion-of-village-bank-and-trust-financial-corp-merger\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;TowneBank Announces Completion of Village Bank and Trust Financial Corp. Merger&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-832356","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>TowneBank Announces Completion of Village Bank and Trust Financial Corp. Merger - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/townebank-announces-completion-of-village-bank-and-trust-financial-corp-merger\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"TowneBank Announces Completion of Village Bank and Trust Financial Corp. Merger - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"SUFFOLK, Va., April 01, 2025 (GLOBE NEWSWIRE) &#8212; TowneBank (Nasdaq: TOWN) announced today the completion of its merger with Village Bank and Trust Financial Corp. and its subsidiary, Village Bank.\u00a0\u00a0 The merger enhances TowneBank\u2019s 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. \u201cOur TowneBank family is delighted to have our long-time friends at Village Bank join us,\u201d said G. Robert Aston, Jr., Executive Chairman of TowneBank. \u201cWe look forward to welcoming more members across the greater Richmond area and providing enhanced capabilities &hellip; Continue reading &quot;TowneBank Announces Completion of Village Bank and Trust Financial Corp. 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