TowneBank Completes Merger With Paragon Commercial Corporation
Towne Bank (TOWN)
Last towne bank earnings: 4/27 08:30 am
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Source: GlobeNewswire
SUFFOLK, Va., Jan. 29, 2018 (GLOBE NEWSWIRE) -- Hampton Roads based TowneBank (NASDAQ:TOWN) announced that, at the close of business on January 26, 2018, it completed the previously announced merger with Paragon Commercial Corporation (“Paragon”) and its wholly-owned bank subsidiary. Pursuant to the previously announced terms of the merger, stockholders of Paragon are entitled to receive 1.7250 shares of TowneBank common stock for each share of Paragon common stock. “We are pleased to welcome our friends at Paragon to the TowneBank family as we take this exciting step forward together,” said G. Robert Aston, Jr., Chairman and CEO of TowneBank. “This combination of two great community banks will allow us to better serve the financial needs of our customers, while also providing the opportunity to enhance profitability and increase shareholder value.” On a pro forma combined basis giving effect to the merger as if the transaction had occurred on September 30, 2017, TowneBank would
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