SUFFOLK, Va., June 27, 2016 (GLOBE NEWSWIRE) -- Hampton Roads based TowneBank (NASDAQ:TOWN) announced that, at the close of business on June 24, 2016, it completed the previously announced merger with Monarch Financial Holdings, Inc. and its wholly-owned bank subsidiary. Pursuant to the previously announced terms of the merger, stockholders of Monarch received 0.8830 shares of TowneBank common stock for each share of Monarch common stock.
“We are pleased to welcome our long-time friends at Monarch to the TowneBank family as we take this exciting step forward together,” said G. Robert Aston, Jr., Chairman and CEO of TowneBank. “This combination of two great community banks will allow us to better serve the financial needs of our customers, while also providing the opportunity to enhance profitability and increase shareholder value.”
TowneBank has grown to be $6.37 billion in assets as of March 31, 2016, and is one of the largest banks headquartered in Virginia. With the Monarch acquisition, total assets for the combined companies, on a pro forma basis as of March 31, 2016, were $7.58 billion.
In connection with the completion of the merger, seven Monarch directors, Jeffrey F. Benson, E. Neal Crawford, Jr., William T. Morrison, Robert M. Oman, Elizabeth T. Patterson, Dwight C. Schaubach and Brad E. Schwartz, will join the Board of Directors of TowneBank.
In addition, TowneBank appointed three new executive officers who will transition from their previous positions at Monarch:
Brad E. Schwartz, will serve as Senior Executive Vice President and Chief Operating Officer of TowneBank. Mr. Schwartz had served as Chief Executive Officer of Monarch Bank since 2009 and Chief Executive Officer of Monarch since 2010, having previously served as Executive Vice President and Chief Operating and Financial Officer. He also had served as a director of Monarch Bank since 2004 and as a director of Monarch since its formation in 2005.
E. Neal Crawford, Jr., will serve as President of Towne Financial Services, LLC. Mr. Crawford had served as President of Monarch Bank since 2009 and President of Monarch since 2010. He also had served as a director of Monarch and Monarch Bank since 2008.
William T. Morrison, will serve as Chairman and Chief Executive Officer of TowneBank Mortgage and Realty Group, a division of TowneBank. Mr. Morrison had served as Chief Executive Officer of Monarch Mortgage since 2011 after having previously served as Executive Vice President and Chief Operating Officer of Monarch Mortgage. He also had served as a director of Monarch and Monarch Bank since 2012.
About TowneBank
As one of the top community banks in Virginia and North Carolina, TowneBank operates 37 banking offices serving Chesapeake, Chesterfield County, Glen Allen, Hampton, James City County, Mechanicsville, Newport News, Norfolk, Portsmouth, Richmond, Suffolk, Virginia Beach, Williamsburg, and York County in Virginia, along with Moyock, Grandy, Camden County, Southern Shores, Corolla and Nags Head in North Carolina. Towne also offers a full range of financial services through its controlled divisions and subsidiaries that include Towne Investment Group, Towne Insurance Agency, Towne Benefits, TowneBank Mortgage, TowneBank Commercial Mortgage, Berkshire Hathaway HomeServices Towne Realty, Towne 1031 Exchange, LLC, Beach Properties of Hilton Head, and Oak Island Accommodations. Local decision-making is a hallmark of its hometown banking strategy that is delivered through the leadership of each group’s President and Board of Directors. With total assets of $6.37 billion as of March 31, 2016, TowneBank is one of the largest banks headquartered in Virginia.
