TowneBank agreed to acquire BlueHarbor Bank for approximately $154 million, extending its presence in North Carolina. The parties signed a definitive merger agreement announced on 6 October. BlueHarbor shareholders would receive cash and TowneBank shares under the proposed transaction. Completion remains subject to regulatory approval, BlueHarbor shareholder approval and other customary conditions.
BlueHarbor had about $628 million in assets, $537 million in loans and $551 million in deposits at 30 June. It operated five offices in and around the Interstate 77 corridor, including Mooresville and Statesville in the greater Charlotte market. TowneBank had $22.6 billion in assets at the same date and more than 70 banking offices across Virginia and the Carolinas. American Banker said BlueHarbor would be TowneBank's fourth North Carolina bank acquisition since it entered the state in 2010.
CASH AND SHARES SET THE TRANSACTION VALUE
Each BlueHarbor common share would be exchanged for $12.70 in cash and 1.0534 TowneBank common shares. The structure implies $50.78 per BlueHarbor share based on TowneBank's 10-day volume-weighted average price of $36.15 at 2 October. TowneBank said approximately 75% of the total consideration would be paid in its shares.
The boards of both banks approved the agreement. BlueHarbor chairman Kelley Earnhardt Miller is expected to join TowneBank's corporate board after completion, while BlueHarbor chief executive Jim Marshall would become Piedmont regional president. The planned appointments indicate that TowneBank intends to retain local leadership as it integrates the acquired franchise.
APPROVALS WILL DETERMINE THE CLOSING TIMETABLE
TowneBank expects the transaction to close in the first quarter of 2027. The agreement therefore establishes a proposed acquisition rather than a completed transfer of control. Regulators and BlueHarbor shareholders must act before the five offices and their balance sheet can become part of TowneBank.
The acquisition would deepen TowneBank's position in a growing North Carolina market and add established lending and deposit relationships. Its financial effect will depend on the closing price, required approvals and subsequent integration. The next concrete milestones are BlueHarbor's shareholder vote, regulatory decisions and confirmation of the closing date.