Towne Bank to Acquire Village Bank in $120 Million Deal-February 2024-www.financetom.com

Towne Bank to Acquire Village Bank in $120 Million Deal

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Towne Bank to Acquire Village Bank in $120 Million Deal

Sep 24, 2024 8:51 AM

08:47 AM EDT, 09/24/2024 (MT Newswires) -- Towne Bank (TOWN) said Tuesday it has agreed to acquire Village Bank and Trust Financial Corp. ( VBFC ) for $80.25 per share in cash, valuing the deal at roughly $120 million.

The deal, which will likely close in H1 2025, is expected to be nearly 6% accretive to earnings with cost savings fully phased in on a GAAP basis, the company said.

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