TowneBank in Suffolk, Va., has agreed to buy blueharbor bank in Mooresville, N.C.
The $22.6 billion-asset TowneBank said in a press release that it will pay $150 million in cash and stock for the $628 million-asset blueharbor. The deal is expected to close in the first quarter.
“We are excited to welcome blueharbor and its talented team to the TowneBank family,” G. Robert Aston Jr., TowneBank’s executive chairman, said in the release. “blueharbor has a long history of stellar performance along with an excellent reputation across the communities it serves. This partnership reflects TowneBank’s ongoing efforts to attract experienced banking talent and build meaningful growth markets.”
Kelley Earnhardt Miller, blueharbor’s chairman, will join TowneBank’s board. Jim Marshall, blueharbor’s CEO, will become Piedmont Regional President.
Piper Sandler; Wachtell, Lipton, Rosen & Katz; and Williams Mullen advised TowneBank. D.A. Davidson and Brooks, Pierce, McLendon, Humphrey & Leonard advised blueharbor.