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TowneBank and Franklin Financial Corporation Receive Regulatory Approvals for Merger

2014-12-13 00:15:03| Paper - Topix.net

Hampton Roads-based TowneBank and Richmond-based Franklin Financial Corporation today announced that the Federal Deposit Insurance Corporation and the Virginia State Corporation Commission have approved the regulatory applications filed in connection with the Company's acquisition of Franklin and its wholly-owned subsidiary Franklin Federal Savings Bank. The stockholders of TowneBank and Franklin have approved the transaction at separate stockholder meetings and the acquisition is expected to be completed in early January 2015.

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