TowneBank (TOWN) said Tuesday it has agreed to acquire Dogwood State Bank, as the company aims to further its presence from Richmond, Virginia, to Greenville and the upstate region of South Carolina.
As per the deal terms, Dogwood shareholders will get 0.7 TowneBank common share for each of their outstanding Dogwood share, implying a deal value of about $476.2 million.
TowneBank expects the deal to be 8% accretive to its 2027 estimated earnings per share with fully phased-in cost savings on a GAAP basis, the company said.
Dogwood Chief Executive Officer Steve Jones would join the combined company as president of its North Carolina and South Carolina banking operations, TowneBank added.
The deal has been approved by the boards of both companies, said TowneBank, adding that the transaction is likely to be completed by early 2026.
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