TowneBank

Virginia-based TowneBank has agreed to acquire BlueHarbor Bank, a North Carolina-based lender, marking its fourth bank acquisition in the state. Industry observers note the hefty premium TowneBank is paying reflects the quality of BlueHarbor's franchise and the scarcity value of well-run community banks in the region, as consolidation among Southern community banks continues.

TowneBank, a Virginia-based bank, has announced an agreement to acquire a North Carolina bank in a deal valued at $154 million. The announcement was reported by Virginia Business. Details of the target institution, expected closing date, and strategic rationale have not yet been provided in the available coverage.