TowneBank expands Carolinas presence through agreement to acquire Dogwood State Bank

Hampton Roads-based TowneBank (NASDAQ:TOWN [https://seekingalpha.com/symbol/TOWN]) and Raleigh-based Dogwood State Bank (OTCQX:DSBX [https://seekingalpha.com/symbol/DSBX]) on Tuesday announced [https://seekingalpha.com/pr/20204772-townebank-expands-carolinas-presence-through-agreement-to-acquire-dogwood-state-bank] the signing of a definitive merger agreement under which TowneBank will acquire Dogwood State Bank.

Pro forma for TowneBank’s pending acquisition of Old Point Financial Corporation (expected to close September 1) and the proposed acquisition of Dogwood, the combined company would have total assets of approximately $22 billion.

TowneBank expects the acquisition of Dogwood to be approximately 8.0% accretive to 2027E earnings per share with fully phased-in cost savings on a GAAP basis.

MORE ON TOWNEBANK, DOGWOOD STATE BANK

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* Historical earnings data for TowneBank [https://seekingalpha.com/symbol/TOWN/earnings]
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