United States

Towne Bank (TOWN.OQ)

TOWN.OQ on NASDAQ Stock Exchange Global Select Market

22 May 2017
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Latest Key Developments (Source: Significant Developments)

TowneBank to buy Paragon Commercial Corp and Paragon Commercial Bank
Thursday, 27 Apr 2017 08:00am EDT 

April 27 (Reuters) - TowneBank ::Towne Bank expands north Carolina presence through the acquisition of Paragon Commercial Corporation and Paragon Commercial Bank.Towne Bank - shareholders of paragon to get fixed exchange ratio of 1.7250 shares of townebank common stock for each outstanding share of paragon stock.Towne Bank - exchange ratio implies deal value per share of $59.25 or about $323.7 million based on Townebank's closing stock price of $34.35 on April 26.Towne Bank - Robert C. Hatley, president and CEO of Paragon, will continue in his current role as president and CEO of Paragon division.Towne Bank - Hatley and Paragon board chairman, Howard Jung, will join Townebank corporate board.Towne Bank - acquisition of Paragon is expected to be immediately accretive to Townebank's earnings in 2018 and also thereafter.Towne Bank - transaction is expected to be nominally dilutive, less than 1%, to Townebank's tangible book value at closing.Towne Bank - plans to operate in Raleigh, Charlotte, and Cary markets as Paragon Bank, a division of Townebank.Towne Bank - based on data as of March 31, combined co would have total assets of $9.7 billion, total loans of $7.1 billion, total deposits of $7.5 billion.  Full Article

Townebank Q1 earnings per share $0.35
Thursday, 27 Apr 2017 07:45am EDT 

April 27 (Reuters) - Towne Bank ::Townebank reports first quarter earnings.Q1 earnings per share $0.35.Q1 revenue rose 33.5 percent to $105.2 million.Qtrly net interest income increased to $60.28 million, a $13.95 million, or 30.10%, increase from q1 2016..Towne Bank qtrly taxable equivalent net interest margin 3.45%, including accretion of 9 basis points, versus 3.33%, including accretion of 6 basis points, for 2016.Q1 earnings per share view $0.37 -- Thomson Reuters I/B/E/S.  Full Article

Townebank Q2 earnings per share $0.12
Thursday, 28 Jul 2016 09:00am EDT 

Towne Bank : Townebank reports second quarter earnings . Q2 earnings per share $0.12 . Q2 revenue rose 10.8 percent to $84.25 million . Q2 non-GAAP earnings per share $0.36 excluding items . Qtrly net interest income increased to $47.78 million, a $2.90 million, or 6.46 percent, increase from Q2 of 2015 .Common dividend was $0.13 per share for quarter which represents an increase of 8.3 percent over dividend paid during same quarter of 2015.  Full Article

Towne bank and Monarch Financial receive regulatory approvals for merger
Tuesday, 17 May 2016 08:30am EDT 

Towne Bank : Townebank and monarch financial holdings, inc. Receive regulatory approvals for merger .Federal deposit insurance corporation, virginia state corporation commission approved acquisition of monarch financial holdings & its unit.  Full Article

TowneBank announces agreement to acquire Monarch Financial Holdings, Inc. and Monarch Bank
Thursday, 17 Dec 2015 09:15am EST 

Towne Bank and Monarch Financial Holdings:Says deal value per share of $18.57 or about $220.6 million based on townebank's closing stock price of $21.03 on Wednesday.Says transaction is expected to be accretive to townebank's earnings in 2016 and thereafter.Says combined companies would have total assets of $7.3 billion, deposits of $5.8 billion and loans of $5.4 billion.Under terms of agreement, common shareholders of Monarch will receive 0.8830 shares of townebank common stock for each share of Monarch.Says further it is anticipated that the transaction will be immediately accretive to townebank's capital ratios.Says neal crawford, Monarch Bank president, will join Towne as president and CEO of Towne Financial services group.Clyde e. mcfarland will join Towne corporate management group as senior executive vice president and chief financial officer.Says Monarch chairman, Jeffrey F. Benson, will join the townebank corporate board.  Full Article

Towne Bank announces quarterly cash dividend
Wednesday, 26 Aug 2015 12:13pm EDT 

Towne Bank:Declared its third-quarter shareholder cash dividend of $0.12 per common share.Payable on Oct. 9 to shareholders of record on Sept. 30.  Full Article

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BRIEF-Townebank Q1 earnings per share $0.35

* Qtrly net interest income increased to $60.28 million, a $13.95 million, or 30.10%, increase from q1 2016.