TowneBank and Franklin Financial Corporation Receive Regulatory Approvals for Merger
12 Dezember 2014 - 10:57PM
Hampton Roads-based TowneBank (the "Company") (Nasdaq:TOWN) and
Richmond-based Franklin Financial Corporation ("Franklin")
(Nasdaq:FRNK) today announced that the Federal Deposit Insurance
Corporation and the Virginia State Corporation Commission have
approved the regulatory applications filed in connection with the
Company's acquisition of Franklin and its wholly-owned subsidiary
Franklin Federal Savings Bank. The stockholders of TowneBank and
Franklin have approved the transaction at separate stockholder
meetings and the acquisition is expected to be completed in early
January 2015.
About TowneBank:
As one of the top community banks in Virginia and North
Carolina, TowneBank operates 28 banking offices serving Chesapeake,
Hampton, Newport News, Norfolk, Portsmouth, Suffolk, Virginia
Beach, Williamsburg, James City County and York County in Virginia
along with Moyock, Grandy, Camden, Southern Shores, Corolla and
Kill Devil Hills 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, TFA Benefits, TowneBank Mortgage, TowneBank Commercial
Mortgage, Prudential Towne Realty, Towne 1031 Exchange, LLC, and
Corolla Classic Vacations. 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 $4.97 billion as of
September 30, 2014, TowneBank is one of the largest banks
headquartered in Virginia.
About Franklin
As one of the largest and oldest community based financial
institutions serving Richmond and Central Virginia, Franklin
operates eight banking offices and has assets of $1.1
billion. Franklin offers a wide range of retail deposit and
investment brokerage services and has been a leader in commercial
real estate finance.
CONTACT: G. Robert Aston, Jr.,
Chairman and CEO, 757-638-6780 or 757-418-3215
Richard T. Wheeler, Jr.,
Franklin Financial Corp.
Chairman President and CEO, (804) 967-7018
Clyde E. McFarland, Jr.,
Senior Executive Vice President and CFO, 757-638-6801
William B. Littreal,
Chief Investment Relations Officer and COO, 757-638-6813
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