Our Planned Affiliation with TowneBank
– October 2022 Update
Next year, Farmers Bank plans to join TowneBank, a Hampton Roads community bank that shares our commitment of caring for customers and building relationships. TowneBank is a community-focused company with an exceptional reputation in this area – and across the industry – as demonstrated when Forbes recently ranked TowneBank #9 on their annual list of Best Banks in America. Becoming part of the TowneBank family will enable us to offer a wider array of services and continue to provide the personal attention you expect.
Why is Farmers Bank affiliating with TowneBank?
We believe our affiliation with TowneBank will enable us to offer a wider array of services and more locations with our continued commitment to personal attention and community support.
- We will be able to handle larger loan requests and deposit relationships.
- We can better meet the growing technology needs customers want to access accounts.
- We will be able to offer residential mortgage, wealth management, real estate (buy/sell), employee benefits, property management, and vacation rental services.
- Our Manry Rawls Insurance Agency will also become a significant part of Towne Insurance and provide access to a broader array of products and services.
When will Farmers Bank and TowneBank come together?
We expect the legal step of our agreement to be completed early in the 1st quarter of 2023, pending shareholder and regulatory approvals. At that point, we will continue to operate as we do now with Farmers Bank branding and accounts until the 2nd quarter of 2023 when we transition accounts and branding to TowneBank.
Will there be changes to my Farmers Bank accounts, checks, debit cards, or loans?
Nothing has changed with your accounts, debit cards, checks, or loans, so please continue to bank with us as usual! Everything will remain the same for the foreseeable future while we carefully review how our products and services align with those at TowneBank. The goal is to match or enhance your current product offerings when accounts transition to TowneBank in the 2nd quarter of 2023. Rest assured, you will receive more information about the transition process as soon as we are able.
Will any banking locations be closed?
There is some overlap of banking offices between our two companies. We are still reviewing the situation, but we do anticipate some offices will combine into one location. Farmers Bank retail and commercial bankers will still be available to serve you!
Can you tell me more about TowneBank?
- TowneBank was founded in 1999 in Hampton Roads by Bob Aston, who now serves as executive chairman.
- Local leadership and local decision-making are part of TowneBank’s commitment to serve others and enrich lives.
- Since 1999, TowneBank has contributed over $90 million to support local communities.
- TowneBank has 43 banking locations: 30 in Hampton Roads and the Richmond area with 13 in Eastern and Central North Carolina.
- Learn more about TowneBank by visiting About Towne here
We value every customer relationship and believe the combined strength of Farmers Bank and TowneBank will allow us to offer a wider range of services with a continued emphasis on personal attention.