A New Era for Community Banking: Co-X Holdings Portfolio Company Dogwood State Bank Announces Strategic Merger with TowneBank
Co-X Holdings is thrilled to announce a landmark achievement from one of our key portfolio companies. Dogwood State Bank (OTCQX: DSBX), a state-chartered community bank headquartered in Raleigh, North Carolina, has entered into a definitive merger agreement with TowneBank (NASDAQ: TOWN).
This partnership is a strategic uniting of two premier, community-focused institutions, both with a deep and shared commitment to service, trust, and local impact across the Carolinas.
A Landmark Partnership for the Region
This all-stock transaction, valued at approximately $476.2 million, is more than just a merger; it's a move that creates the largest community bank in North Carolina.
The combined entity is projected to hold approximately $22 billion in total assets, $16 billion in loans, and $19 billion in deposits. This new scale will significantly strengthen the bank's ability to serve members, businesses, and communities across the region with even greater care and capability. The move strategically expands the bank's footprint in high-growth markets along the I-85 corridor, including Raleigh, Charlotte, and Greenville, as well as coastal regions.
Validating Our "Partner and Build" Philosophy
At Co-X Holdings, our mission is to partner with exceptional leadership teams to build sustainable, long-term value. This merger is a powerful validation of that strategy.
We are incredibly proud of what the Dogwood team has accomplished. We are also pleased to announce that Dogwood's CEO, Steve Jones, will join TowneBank as president of its North Carolina and South Carolina banking operations and will be a member of the TowneBank Corporate Management team.
"After thoughtful consideration, we have agreed to join forces with TowneBank, whose vision and values align closely with our own," said Jones in a recent statement. "This partnership will bring new opportunities for our customers, employees, and shareholders, while building to the legacy we've created at Dogwood."
We congratulate both organizations on this exciting new chapter. Here’s to a future built on shared values and stronger connections.
For More Information
To learn more about this strategic merger, you can read the official press releases and investor reports:
Official Press Release (GlobeNewswire): TowneBank Expands Carolinas Presence Through Agreement to Acquire Dogwood State Bank
TowneBank Investor Relations: News & Events - Press Releases
Business North Carolina Coverage: TowneBank buying Raleigh's Dogwood for $476M
