Hampton Roads-based TowneBank (NASDAQ: TOWN) announced yesterday, Jan. 12, the completion of its merger with Raleigh-based Dogwood State Bank (“Dogwood”). The merger substantially enhances TowneBank’s strategic journey down the fast-growing Interstate 85 corridor from Richmond, Virginia and into Greenville and the upstate region of South Carolina. The merger also strengthens TowneBank’s position in key North Carolina markets, including Raleigh, Charlotte, Greensboro-Winston Salem, Greenville and Fayetteville. The merger was announced on August 19, 2025, and received overwhelming support at the special meeting of Dogwood shareholders held in December 2025.
“Dogwood has highly respected bankers with deep expertise,” said TowneBank president and chief executive officer William I. Foster III in a press release. “We are excited to add Dogwood’s seasoned SBA lending team that will significantly enhance our small business lending capabilities throughout our footprint and in other select markets.”
Following the merger, Dogwood locations are now operating as “Dogwood State Bank, a Division of TowneBank” until November 2026, when the core systems and operations of Dogwood are scheduled to be converted into those of TowneBank.
Steven W. Jones, the former chief executive officer of Dogwood, will continue in a key leadership role with the combined company and join TowneBank as president of the Carolinas, serving as a member of the TowneBank Corporate Management Group. Mr. Jones and George (Robin) Perkins, a former director of Dogwood, were appointed to the TowneBank Board of Directors, effective January 12, 2026.
“We are honored to welcome Steve and his talented teammates to our Towne family. Their efforts to build Dogwood into an excellent, high-performing bank are truly impressive,” said TowneBank executive chairman G. Robert Aston, Jr. in a press release. “We look forward to working with them to take our Main Street Bank forward in our existing and new fast-growing markets in North and South Carolina.”
Jones added in a press release, ”When it came to forming a partnership to continue the legacy of Dogwood, TowneBank demonstrated values that naturally aligned with ours. We are excited to combine our resources into one dedicated financial institution that celebrates the power of local banking.”
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