M&A · Financials · State Commercial Banks
TowneBank to acquire Village Bank & Trust Financial Corp.
Announced Sep 24, 2024 · Closed Mar 31, 2025
Deal value$120M
Premium—To unaffected price
EV / Adj. EBITDA—
ConsiderationAll cash$80.25 per share
Transaction
- Acquirer
- TowneBank (TOWN)
- Target
- Village Bank & Trust Financial Corp. (VBFC)
- Buyer type
- Strategic
- Offer price per share
- $80.25
- Enterprise value
- —
- Status
- Closed Mar 31, 2025
Deal protections
- Break fee (target pays)
- $4.8M · 4.0%
- Reverse fee (buyer pays)
- —
- Go-shop
- No-shop
- Financing
- —
Advisors
- To the acquirer
- Piper Sandler
- To the target
- Janney Montgomery Scott
Sector context · Financials
- Comparable deals
- 59 in the prior 24 months
- Premium
- Sector median 33.5%
- EV / Adj. EBITDA
- Sector median 14.9x
- Break fee
- 4.0% vs. 3.3% sector median
Timeline
- AnnouncedSep 24, 2024
- Proxy filedNov 4, 2024
- Definitive proxyNov 14, 2024
- Shareholder voteDec 19, 2024
- ClosedMar 31, 2025
Valuation · fairness opinions
Premiums paid$66.05$82.87
Discounted cash flow$53.60$74.79
Discounted cash flow$49.72$70.59
Offer $80.25
Implied value per Village Bank & Trust Financial Corp. share by analysis, from Janney Montgomery Scott · DCF discount rate 12%–14%.