TowneBank acquires Monarch Financial Holdings Inc.
The merger of two Hampton Roads-based community banks is officially complete.
Suffolk-based TowneBank announced Monday that it has completed the previously announced acquisition of Chesapeake-based Monarch Financial Holdings Inc., and its bank subsidiary.
Monarch stockholders received 0.8830 shares of TowneBank common stock for each share of Monarch common stock.
TowneBank has grown to $6.37 billion in assets as of March 31, and is one of the largest banks headquartered in Virginia. With the Monarch acquisition, total assets for the combined companies, on a pro forma basis as of March 31, were $7.58 billion.
In connection with the merger, seven Monarch directors, Jeffrey F. Benson, E. Neal Crawford, Jr., William T. Morrison, Robert M. Oman, Elizabeth T. Patterson, Dwight C. Schaubach and Brad E. Schwartz, will join the board of directors of TowneBank.
In addition, TowneBank appointed three new executive officers who will transition from their previous positions at Monarch:
Brad E. Schwartz, will serve as senior executive vice president and chief operating officer of TowneBank. Schwartz had served as CEO of Monarch Bank since 2009 and CEO of Monarch since 2010, having previously served as executive vice president and chief operating and financial officer.
E. Neal Crawford Jr., will serve as president of Towne Financial Services LLC. Crawford had served as president of Monarch Bank since 2009 and president of Monarch since 2010.
William T. Morrison, will serve as chairman and CEO of TowneBank Mortgage and Realty Group, a division of TowneBank. Morrison had served as CEO of Monarch Mortgage since 2011 after having previously served as executive vice president and COO of Monarch Mortgage.