TowneBank has agreed to acquire blueharbor bank in a definitive merger agreement valued at approximately $154 million, based on TowneBank's 10-day volume-weighted average price of $36.15 as of October 2, 2026. Under the terms, blueharbor shareholders will receive $12.70 in cash and 1.0534 shares of TowneBank common stock for each share held, an implied value of $50.78 per share, with roughly 75% of the total consideration paid in TowneBank stock. The deal adds a bank with approximately $628 million in total assets, $537 million in loans, $551 million in deposits and 5 office locations as of June 30, 2026, strengthening TowneBank's position in the greater Charlotte MSA and the I-77 corridor including Mooresville and Statesville. Kelley Earnhardt Miller, Chairman of the blueharbor Board and Chief Executive Officer of JR Motorsports, will join the TowneBank Corporate Board of Directors, while blueharbor President and Chief Executive Officer Jim Marshall will become Piedmont Regional President. The transaction, approved by both boards, is expected to close in the first quarter of 2027, subject to regulatory approval and the approval of blueharbor's shareholders.
Towne BankTowneBank agreed to acquire blueharbor bank for ~$154M, expanding its Charlotte-area footprint via M&A.
