TowneBank completes merger with Dogwood State Bank

TowneBank (NASDAQ: TOWN) completed its merger with Raleigh-based Dogwood State Bank on January 12, 2026, according to a company statement. The merger was originally announced on August 19, 2025, and received approval from Dogwood shareholders in December 2025.

The acquisition expands TowneBank's presence along the Interstate 85 corridor and into multiple markets across North Carolina and South Carolina. The combined entity adds locations in Raleigh, Charlotte, Greensboro-Winston Salem, Greenville, Morehead City, Wilmington, Fayetteville, and Charleston, South Carolina, plus a Tennessee location in Elizabethton.

Dogwood locations will operate as "Dogwood State Bank, a Division of TowneBank" until November 2026, when systems integration is scheduled to complete. Steven W. Jones, former Dogwood chief executive officer, will serve as President of the Carolinas for TowneBank and join the Corporate Management Group. Jones and former Dogwood director George Perkins were appointed to TowneBank's Board of Directors effective January 12, 2026.

"We are honored to welcome Steve and his talented teammates to our Towne family," said TowneBank executive chairman G. Robert Aston, Jr. TowneBank president and chief executive officer William I. Foster III noted that Dogwood's SBA lending team will enhance the bank's small business lending capabilities.

With the Dogwood addition, TowneBank will have approximately $22 billion in pro forma assets as of September 30, 2025. The Hampton Roads-based bank, founded in 1999, now operates over 70 banking offices across Virginia, North Carolina, South Carolina, and Tennessee.

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