About TowneBank
Established in 1999, TowneBank is one of the banks in Virginia, headquartered in Portsmouth. The bank holds $22.62 billion in total assets and $18.82 billion in deposits with 81 branch offices across its service territory. Operating under FDIC regulation, TowneBank serves customers throughout the region. In August 2025, TowneBank announced plans to acquire Dogwood State Bank, a community bank headquartered in Raleigh, North Carolina. The all-stock transaction is valued at $476.2 million and is expected to close in 2026, subject to regulatory approval. Dogwood operates 17 branch offices in North Carolina, South Carolina, and Tennessee. Upon completion of the transaction, the acquisition will substantially expand TowneBank's geographic footprint and extend its presence into new markets.
Key Facts
- Total Assets
- $22.62B
- Total Deposits
- $18.82B
- Branch Offices
- 81
- Established
- 1999
- Primary Regulator
- FDIC
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