TowneBank and Village Bank and Trust Financial Corp. Receive Regulatory Approvals for Merger [Yahoo! Finance]
Towne Bank (TOWN)
Last towne bank earnings: 4/27 08:30 am
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Source: Yahoo! Finance
and Trust Financial Corp. (NASDAQCM: VBFC) (“Village”) today announced that the Federal Deposit Insurance Corporation and the Virginia State Corporation Commission have approved the regulatory applications filed in connection with TowneBank's acquisition of Village and its wholly-owned subsidiary, Village Bank. In addition to the parties receiving all required regulatory approvals, the merger received the approval of Village's shareholders, with more than 86% of the outstanding shares voting for the merger at Village's special meeting of shareholders held on December 19, 2024. The merger is expected to be completed at the beginning of April 2025, subject to the satisfaction of customary closing conditions contained in the merger agreement. Following the merger, the Village Bank locations will operate as “Village Bank, a Division of TowneBank” until mid-June 2025, when the core systems and operations of Village Bank are scheduled to be converted into those of TowneBank. The merger
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