Hampton Roads-based TowneBank has agreed to acquire Monarch Financial Holdings, the parent of Monarch Bank, in a deal worth about $221m.
The merger would create a $7.3bn hometown bank, which will cater to Hampton Roads, Richmond as well as Northeastern North Carolina markets. The combined entitities would manage $7.3bn in assets, $5.8bn in deposits, and $5.4bn in loans based on financial reports of 30 September 2015.
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As per the agreed terms of the deal, common shareholders of Monarch will secure 0.8830 shares of TowneBank common stock for each share of Monarch.
The transaction, subject to shareholder and regulatory approvals, is scheduled to close in the second quarter of 2016.
TowneBank chairman and CEO G. Robert Aston, Jr. said: "Our Towne family is humbled and excited to join hands with our long-time friends at Monarch. Since the founding of our two banks in 1998, our companies have been built around the values of "serving others and enriching lives" while striving to build a great community asset that will help our communities grow and prosper."
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