Browsing: Mergers and acquisitions

Community Banking

TowneBank in Suffolk, Virginia, has agreed to buy Farmers Bankshares in Windsor, Virginia. The $16.9 billion-asset TowneBank said in a press release Thursday that it will pay $56 million in stock for the $609 million-asset Farmers.


In a detailed comment letter to the FDIC on Friday, the American Bankers Association called for updates to the agency’s 25-year-old guidelines regarding bank merger transactions, acknowledging the significant changes that the financial services industry has undergone since they were originally put in place.


The FDIC issued a request for information today seeking public input on bank merger transactions, including mergers between an insured depository institution and a noninsured institution.


The American Bankers Association told the Department of Justice today that the 1995 bank merger competitive review guidelines are outdated and do not take into account the competitive effects of online banking and competition from nonbanks.

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