TowneBank is accelerating its growth strategy following a significant acquisition, bolstering its board with a high-profile appointment. The regional bank is positioning itself for a more dominant market position through strategic expansion and integration efforts.
Strategic Board Appointment Adds Legal and Government Expertise
In a move to enhance its governance framework, TowneBank has appointed Richard Cullen to its board of directors. Cullen brings decades of distinguished legal and public service experience to the role. His career includes serving as Attorney General for the Commonwealth of Virginia and as a U.S. Attorney. For more than ten years, he chaired the prominent law firm McGuireWoods. Most recently, he served as an advisor to Virginia Governor Glenn Youngkin until the beginning of this year.
The bank anticipates his insight will provide valuable guidance for long-term strategic planning. This leadership reinforcement comes at a pivotal moment, as TowneBank has substantially extended its regional footprint.
Integration Milestones Follow Key Acquisition
The institution’s expansion is taking concrete shape. TowneBank finalized its acquisition of Dogwood State Bank on January 12, significantly increasing its presence across North Carolina, South Carolina, and Tennessee. This deal has elevated the company’s pro-forma assets to approximately $22 billion (as of the end of 2025), cementing its status as a leading Virginia-based financial institution.
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Concurrently, the bank is preparing for a major operational milestone. The complete technological integration of Old Point National Bank is scheduled for Monday, February 9. Old Point has operated as a division of TowneBank since September. This final merger of systems, accounts, and branches is designed to consolidate resources more efficiently in the Hampton Roads and Richmond regions.
Upcoming Events to Gauge Progress
Investors will gain early insights into the performance of these recent acquisitions when TowneBank releases its first-quarter 2026 results on April 22. These figures will indicate how smoothly the new assets have been incorporated.
Subsequently, the annual shareholders’ meeting will be held on May 20 in Virginia Beach. This gathering will offer stockholders an opportunity to assess the strategic direction of the rapidly expanding regional bank.
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