TowneBank Enhances North Carolina Presence Through Agreement To Acquire blueharbor bank
TowneBank and blueharbor bank signed a definitive merger agreement under which TowneBank will acquire blueharbor for approximately $154 million. blueharbor shareholders will receive $12.70 in cash plus 1.0534 TowneBank shares per share, an implied value of $50.78 per share, with roughly 75% of the consideration paid in stock. blueharbor brings approximately $628 million in total assets, $537 million in loans, and $551 million in deposits, strengthening TowneBank's position in the Charlotte MSA and I-77 corridor. The deal is expected to close in Q1 2027, subject to regulatory and blueharbor shareholder approval.
TowneBank Announces Quarterly Cash Dividend
TowneBank declared a third-quarter cash dividend of $0.28 per common share, payable October 9 to shareholders of record on September 25. The bank reported total assets of $22.62 billion as of June 30, 2026. Future dividend declarations remain subject to Board approval and regulatory restrictions.
TowneBank Reports Second Quarter 2026 Earnings
TowneBank reported Q2 2026 GAAP earnings of $193.2 million, or $2.09 per share, a substantial increase from the prior year, largely driven by a $198.6 million pre-tax gain on the sale of its Resort Property Management segment. Excluding one-time items, core earnings were $72.0 million, or $0.78 per share, as the bank achieved net interest margin expansion to 3.68% and grew total deposits by 1.26% compared to the linked quarter. The company declared a special dividend of $0.70 per share, representing approximately 32% of the segment sale gain, while net charge-offs increased to $5.8 million primarily due to acquired indirect and SBA loans.
Analysts Estimate TowneBank (TOWN) to Report a Decline in Earnings: What to Look Out for
William A. Gwaltney, Jr. and John O. Wynne, Jr. Join the TowneBank Corporate Board of Directors
TowneBank appointed William A. Gwaltney, Jr. and John O. Wynne, Jr. to its Corporate Board of Directors. Gwaltney is President of Indika Farms Inc. and previously chaired Farmers Bankshares, which TowneBank acquired in 2023. Wynne is the founder and current Chairman of Fortis Solutions Group, a printed packaging company operating 22 manufacturing locations across the U.S. and Canada. Both appointees have deep Virginia ties. TowneBank reported total assets of $22.36 billion as of March 31, 2026, making it one of the largest banks headquartered in Virginia.
TowneBank declared a Q2 2026 cash dividend of $0.28 per share, payable July 10, representing a 3.7% increase from the prior rate. The annualized dividend stands at $1.12 per share, reflecting steady capital return to shareholders. The board also approved a one-time $25 million donation to the TowneBank Foundation, funded by proceeds from the recent $250 million sale of its Resort Property Management business.
TowneBank Announces Special Cash Dividend
TowneBank declared a one-time special cash dividend of $0.70 per common share, payable on May 20, 2026 to shareholders of record as of May 4. The approximately $65 million total payout represents roughly 32% of the $203 million pre-tax gain recognized on the recent sale of its Resort Property Management business. That business was sold on April 3 for a purchase price of $250 million, validating the bank's strategy of building shareholder value through non-bank investments.
TowneBank Reports First Quarter 2026 Earnings
TowneBank reported Q1 2026 net income of $41.0M, or $0.45 per share, down from $43.7M a year ago due to $31.7M in acquisition-related expenses. However, core earnings (non-GAAP) surged to $66.7M, or $0.74 per share, driven by record total revenue of $246.5M, which increased 34.6% year-over-year following the Dogwood State Bank acquisition. The bank successfully closed the $250M sale of its Resort Property Management segment, with an anticipated gain of $195M, and acquired roughly $1.95B in loans and $1.93B in deposits from Dogwood. Total deposits grew 11.9% sequentially to $18.48B, while net interest margin expanded to 3.58%. Management declared a cash dividend of $0.27 per share, an increase from the prior year, and noted that tangible book value per share stood at $21.49. The efficiency ratio rose to 76.96% (non-GAAP) due to merger integration costs.
