TowneBank completes Farmers Bank merger

TowneBank announced the completion of its merger with Farmers Bankshares, Inc. and its subsidiary, Farmers Bank, Windsor, Virginia. The merger solidifies the number one market share position for TowneBank in the Virginia Beach-Norfolk-Newport News MSA, adding Isle of Wight and Southampton counties to its service area while expanding Towne Insurance Agency’s market base. The merger was announced in August 2022 and received overwhelming support from Farmers shareholders in December 2022. Following the merger, which was effective on January 13, 2023, the Farmers Bank locations will operate as "Farmers Bank, a Division of TowneBank" until mid-April 2023, when the core systems and operations of Farmers Bank are scheduled to be converted into those of TowneBank.