All About Business

On July 15 Hampton Roads-based TowneBank and Richmond-based Franklin Financial Corporation announced the signing of a definitive merger agreement pursuant to which TowneBank will acquire Franklin. Based on financials reported March 31, 2014, the combined companies would have total assets of $5.9 billion, deposits of $4.1 billion and loans of $3.8 billion. Common shareholders of Franklin will receive 1.40 shares of TowneBank common stock for each share of Franklin.
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