The merger of two Hampton Roads-based community banks is officially complete.
Suffolk-based TowneBank announced Monday that it has completed the previously announced acquisition of Chesapeake-based Monarch Financial Holdings Inc., and its bank subsidiary.
Monarch stockholders received 0.8830 shares of TowneBank common stock for each share of Monarch common stock.
TowneBank has grown to $6.37 billion in assets as of March 31, 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, were $7.58 billion.
