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TowneBank (Nasdaq:TOWN) announced that, at the close of business on January 2, 2015, it completed the previously announced acquisition of Franklin Financial Corporation, parent company of Franklin Federal Savings Bank, one of the oldest and largest community-based financial institutions in central Virginia.
All eight Franklin branches opened today as TowneBank Richmond. The same branch banking staff at these offices will continue to welcome and serve existing and new members. The regional headquarters for TowneBank Richmond will be located in Innsbrook at 4501 Cox Road, Glen Allen, Virginia.
“Our Towne family is passionately dedicated to building a significant community asset for Richmond and Central Virginia through our devoted commitment to serving others and enriching lives,” said G. Robert Aston, Jr., Chairman of the Board and Chief Executive Officer.
T. Patrick Collins, a Richmond native, will serve as president and CEO of TowneBank Richmond. Collins’ commercial banking career spans four decades, and he has held regional leadership positions in several local and national banks, including SunTrust in Richmond, and most recently, StellarOne.
“We are looking forward to bringing TowneBank’s special style of hometown banking to our friends and neighbors as well as the greater Richmond business community,” said Collins. “When you enter any of our banking centers, you will experience a warm sense of belonging and the same smiling faces of the Franklin bankers who have contributed to building the 81-year legacy of Franklin Federal. As an added benefit, Towne will offer a full range of business banking, treasury services, insurance, investment services, and an expanded team of lending professionals well known in the Richmond market.”
Founded in Aston’s garage in Portsmouth, Virginia and opening on April 8, 1999, TowneBank has emerged as one of the most successful new banks ever chartered in Virginia. Its many unique approaches to delivering hometown service includes providing concierge services to business and private banking members utilizing a fleet of Volkswagen Beetles staffed by hometown bankers.
With Franklin joining the Towne family, the Towne Banking network will expand to 36 offices serving members from Richmond, to Williamsburg, to Virginia Beach, to the Outer Banks of North Carolina.
The TowneBank Richmond board of directors will be expanding in the months ahead to include Franklin board members as well as a group of central Virginia business and community leaders. Richard T. Wheeler Jr., past chairman, president and CEO of Franklin will join the TowneBank corporate board and executive committee, and also serve on the TowneBank Richmond board.
TowneBank has grown to be $4.97 billion in assets as of September 30, 2014, and is one of the largest banks headquartered in Virginia. With the Franklin acquisition, total assets for the combined companies, on a pro forma basis as of September 30, 2014, were $6.07 billion.
