TowneBank to buy Village Bank and Trust in Virginia

TowneBank in Suffolk, Va., has agreed to buy Village Bank and Trust Financial in Midlothian, Va.

The $17.1 billion-asset TowneBank said in a press release that it will pay $120 million in cash for the $748 million-asset Village Bank. The deal is expected to close in the first half of 2025.

“We believe our partnership can bring additional products and expanded services to the clients of Village Bank while meaningfully enhancing our Richmond presence, which is core to our franchise and future growth,” G. Robert Aston Jr., TowneBank’s executive chairman, said in the release.

TowneBank expects the acquisition to be about 6% accretive to earnings per share with fully phased-in cost savings.

Piper Sandler and Troutman Pepper Hamilton Sanders advised TowneBank. Janney Montgomery Scott and Williams Mullen advised Village Bank.