Townebank Portsmouth VA

NASDAQ:TOWN   12:20:14 PM EDT
27.82
+0.35 (+1.27%)
Mergers / Acquisitions

Townebank announces agreement to acquire Farmers Bankshares and Farmers Bank

Published: 08/18/2022 12:24 GMT
Townebank Portsmouth VA (TOWN) - Townebank Announces Agreement to Acquire Farmers Bankshares, Inc. and Farmers Bank.
Towne Bank- Shareholders of Farmers Will Receive 0.6050 Shares of Townebank Common Stock for Each Share of Farmers Owned.
Towne Bank- Deal Implies a Deal Value per Share of $17.82, Or Approximately $56.0 Million.
Towne Bank- Expects Merger to Be Approximately 5% Accretive to Earnings per Share With Fully Phased-in Cost Savings on a GAAP Basis.