TowneBank announced a definitive agreement to acquire blueharbor bank for approximately $154 million, a deal that would push the Suffolk, Virginia-based lender deeper into North Carolina's fast-growing Charlotte region. The all-cash-and-stock transaction targets blueharbor's footprint along the I-77 corridor, including Mooresville and Statesville, and is expected to close in the first quarter of 2027.
Under the terms of the agreement, blueharbor shareholders will receive $12.70 in cash and 1.0534 shares of TowneBank common stock for each outstanding blueharbor share, according to TowneBank's announcement. That consideration carries an implied value of $50.78 per share based on TowneBank's 10-day volume-weighted average stock price, with roughly 75% of the total payout coming in TowneBank common stock rather than cash. TowneBank announced the proposed acquisition in a press release published at 8:30 a.m. ET on October 6, 2026, before WAVY.com posted its report at 11:13 a.m. ET that day.
Blueharbor, a community bank headquartered in Mooresville, North Carolina, reported approximately $628 million in total assets, $537 million in loans, $551 million in deposits and five office locations as of June 30, per the same announcement. TowneBank, by comparison, had $22.6 billion in total assets as of that same date and operates more than 70 banking offices across Hampton Roads, Central Virginia, North Carolina and South Carolina, the release notes.
Why TowneBank Wants a Foothold on the I-77 Corridor
TowneBank says the acquisition will enhance its position in the greater Charlotte metropolitan area as well as the I-77 corridor. The combination is expected to bring together blueharbor's local lending and core deposit relationships with TowneBank's broader resources, creating what the companies describe as a stronger platform to serve customers across the region. TowneBank also says the deal is expected to leverage its recent expansion throughout the Carolina markets.
Blueharbor President and CEO Jim Marshall said the bank is excited to partner with TowneBank, adding that blueharbor was built on a focus on customers, businesses and communities throughout the I-77 corridor. “Our customers will benefit from TowneBank's broader range of products, services and technology while continuing to receive the local service they value,” Marshall said.
TowneBank Chairman and CEO G. Robert Aston Jr. said TowneBank is excited to welcome blueharbor and its team, calling blueharbor a bank with a long history of stellar performance and an excellent reputation across the communities it serves. Aston said TowneBank continues to seek experienced banking talent and meaningful growth markets. The boards of directors of both TowneBank and blueharbor have approved the agreement.
Part of a Broader Carolina Buying Spree
This is not TowneBank's first North Carolina move. The bank's blueharbor deal follows a trio of acquisitions over the past year that have pushed TowneBank beyond its Hampton Roads base into the Carolinas and the Richmond region, according to Virginia Business. That expansion has coincided with TowneBank exceeding a 30% share of the Hampton Roads banking market for the first time as of June 30, 2025, while rival Truist's share there slipped to 17.09% in 2025 from 22.54% the year before.
Among those earlier deals, TowneBank acquired Hampton's Old Point National Bank of Phoebus and its parent company for $203 million in September 2025, and it bought Village Bank, based in Midlothian, the same year. Virginia Business's report also states that TowneBank's $476 million purchase of Raleigh-based Dogwood State Bank closed in January. That Dogwood acquisition, first detailed by American Banker, was expected to add 17 branches in North Carolina and South Carolina to TowneBank's existing 15 locations in the Tar Heel State, with projected earnings-per-share accretion of 8% in 2027. American Banker also described TowneBank at the time as the latest regional or superregional bank to expand in North Carolina.
Piper Sandler & Co. served as TowneBank's financial adviser on the blueharbor deal, with Wachtell, Lipton, Rosen & Katz and Williams Mullen providing legal counsel. D.A. Davidson & Co. advised blueharbor, with Brooks, Pierce, McLendon, Humphrey & Leonard, LLP serving as its legal counsel, according to the companies' joint announcement. The transaction still requires regulatory approval and a vote from blueharbor shareholders before it can close.
