| TowneBank’s growing appetite
Virginia Business
April 2004
Five
years ago leaders at the new TowneBank set a goal to
be the dominant community bank in Hampton Roads. Now
they're claiming victory after buying out competitor
Harbor Bank last month in an all-stock transaction valued
at $84.4 million.
The acquisition gives TowneBank a location in every
major local city except Norfolk. “We're
now at least two times as big as our closest community
bank competitor,” says G. Robert Aston, Jr., chairman
and CEO. Because Harbor Bank served different geographic
markets than TowneBank, he added, no branch closings
or layoffs are anticipated.
As a result of the deal, which took effect on March
19, TowneBank will have 15 full-service banking operations,
along with $1.3 billion in assets, $1.1 billion in deposits
and $900 million in loans. The move lets TowneBank raise
its legal lending limit from $15 million to $20 million,
an increase, Aston said, that “will allow us to
greatly expand our ability to serve the growing Peninsula
corporate community.”
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