Virginia's TowneBank agreed Oct. 6 to buy blueharbor bank, founded in Mooresville in 2008, for about $154 million. What customers and shareholders need to know before the 2027 close.
The Mooresville-based blueharbor bank is being sold. TowneBank, based in Suffolk, Virginia, has agreed to buy it for about $154 million. The two banks announced the deal Tuesday, Oct. 6, in a joint press release.
The boards of both banks have approved the merger agreement. It still needs regulatory approval and a vote of blueharbor’s shareholders. The banks expect it to close in the first quarter of 2027.
The bank being sold
blueharbor was founded in 2008 and is headquartered in Mooresville. It has five offices, according to the release:
- a branch in Mooresville
- a branch in Statesville, about 14 miles north
- a branch in Mount Airy, about 64 miles north
- a loan production office in Belmont, about 26 miles southwest
- a loan production office in Hickory, about 31 miles northwest
At June 30, it had about $628 million in total assets, $551 million in deposits and $537 million in loans. Its shares trade on the OTCQX market under the symbol BLHK.
The buyer
TowneBank was founded in 1999 and trades on Nasdaq as TOWN. It had $22.6 billion in total assets at June 30, the release says. It runs more than 70 banking offices in Virginia, North Carolina and South Carolina.
The banks said the deal strengthens TowneBank in the Charlotte area and along the I-77 corridor, “including Mooresville and Statesville.”
The terms
For each blueharbor share, shareholders would get:
- $12.70 in cash
- 1.0534 shares of TowneBank common stock
That works out to $50.78 a share, based on TowneBank’s 10-day average share price of $36.15 as of Oct. 2. About 75% of the total would be paid in TowneBank stock.
Who stays on
Two blueharbor leaders would join TowneBank after the merger:
- Jim Marshall, blueharbor’s president and CEO, would become TowneBank’s Piedmont regional president.
- Kelley Earnhardt Miller, blueharbor’s board chair and CEO of JR Motorsports, would join TowneBank’s corporate board.
“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 in the release.
What it means for you
If you bank with blueharbor, nothing changes yet. The deal is not expected to close until early 2027. The release does not say whether any office will close, change its name or change its hours, and it does not mention changes to accounts.
If you own blueharbor stock, you will be asked to vote on the merger. The release does not give a date for that vote.
The release lists Jim Marshall as blueharbor’s media contact at 704-662-7700. For other business news in town, see our new businesses in Mooresville page.
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