Shareholders of Dogwood State Bank approved the previously announced merger of Dogwood into TowneBank  at a special meeting of shareholders on Dec. 3, 2025.

The parties expect the merger to close early in the first quarter of 2026 subject to satisfaction of customary closing conditions, including the receipt of all required regulatory approvals.

Steve Jones, CEO of Dogwood, stated, "We are pleased that our shareholders have approved the proposed merger into TowneBank. This approval marks a significant milestone, and we look forward to completing the merger and moving forward together."

Dogwood State Bank is a state-chartered community bank headquartered in Raleigh, North Carolina, with approximately $2.4 billion in total assets. Dogwood provides a wide range of banking products and services through its online offerings and branch offices in North Carolina, South Carolina, and Eastern Tennessee. Dogwood also specializes in providing lending services to small businesses through its Dogwood State Bank Small Business Lending division. Dogwood is focused on becoming the bank for businesses, business owners, professionals and their employees. and redefining what it means to Bank Local.