Form 4: Village Bank & Trust Director Carey Disposes of Shares in TowneBank Merger

Ronald L. Carey, a director of Village Bank & Trust Financial Corp., reports the disposal of 736 shares of common stock following the merger with TowneBank, effective April 1, 2025.

Summary

• Ronald L. Carey, a director at Village Bank & Trust Financial Corp., filed a Form 4 indicating a change in beneficial ownership.
• The transaction occurred on April 1, 2025, as a result of the merger between Village Bank & Trust and TowneBank.
• Carey disposed of 736 shares of Village Bank & Trust common stock at a price of $80.25 per share.
• The merger, detailed in an agreement dated September 23, 2024, resulted in Village Bank & Trust becoming a subsidiary of TowneBank.
• Following the merger, each outstanding share of Village Bank & Trust common stock was converted into the right to receive $80.25 in cash.
• As a result of the transaction, Carey no longer directly or indirectly owns any shares of Village Bank & Trust common stock.

Sentiment

Score: 7

Explanation: The sentiment is neutral. The document simply reports a transaction related to a previously announced merger. There are no indications of distress or unexpected outcomes.

Future Outlook

The document does not contain any specific forward-looking statements beyond the completion of the merger.

Industry Context

This announcement reflects ongoing consolidation within the banking sector, where smaller institutions are often acquired by larger entities to achieve economies of scale and expand market reach. Mergers like this can provide shareholders of the acquired company with immediate cash value for their shares.

Stakeholder Impact

• Shareholders of Village Bank & Trust received $80.25 per share in cash as a result of the merger.

Key Dates

Keywords

Form 4, Beneficial Ownership, Merger, TowneBank, Village Bank & Trust, VBFC, Director, Shares, Ronald L. Carey