MOORESVILLE – TowneBank has agreed to acquire Mooresville-based blueharbor bank for approximately $154 million, a proposed transaction that would shift ownership of a five-office North Carolina community bank with $551 million in deposits.
The banks announced the definitive merger agreement Oct. 6 after their boards approved the transaction. Charlotte Business Journal independently reported the agreement and its approximately $154 million value.
As of June 30, blueharbor had approximately $628 million in assets, $537 million in loans and $551 million in deposits. The Mooresville-headquartered bank operates five offices, including branches in Mooresville, Statesville and Mount Airy and loan production offices in Belmont and Hickory.
Under the agreement, blueharbor shareholders would receive $12.70 in cash and 1.0534 shares of TowneBank common stock for each blueharbor share. The companies said that implies a value of $50.78 per blueharbor share based on TowneBank’s 10-day volume-weighted average price of $36.15 as of Oct. 2, with about 75% of the total consideration paid in TowneBank stock.
The proposed combination would expand Virginia-based TowneBank in the greater Charlotte market and along the Interstate 77 corridor. TowneBank reported $22.6 billion in assets and more than 70 banking offices as of June 30.
The banks expect the transaction to close in the first quarter of 2027, subject to regulatory approval, blueharbor shareholder approval and other customary closing conditions. Until those approvals are obtained and the transaction closes, the acquisition remains proposed.
After closing, Kelley Earnhardt Miller, chair of blueharbor’s board and chief executive officer of JR Motorsports, is expected to join TowneBank’s corporate board. Blueharbor President and CEO Jim Marshall is expected to become TowneBank’s Piedmont regional president.
The announcement did not identify branch closures, layoffs or new capital investment, so those outcomes should not be assumed. The immediate North Carolina business consequence is the proposed transfer of a Mooresville-headquartered bank with five offices and more than half a billion dollars each in loans and deposits to a larger regional bank.