TowneBank expects to complete Farmers Bank merger in early January

TowneBank and Farmers Bankshares announced that they expect to complete their merger in early January 2023 as originally scheduled. The parties have received all required regulatory approvals, and the merger received the approval of Farmers Bankshares’ shareholders, with more than 85% of the outstanding shares voting for the merger, at its special meeting of shareholders held on December 14, 2022. The closing of the merger remains subject to the terms and conditions of the definitive merger agreement that the parties signed in August 2022, including customary closing conditions in addition to the regulatory and shareholder approvals.