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TowneBank completes acquisition of NC insurance agency

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TowneBank completes acquisition of NC insurance agency

Portsmouth, Va.-based TowneBank completed the acquisition of Charlotte, N.C.-based independent insurance agency Michael R. Bare LLC, effective May 15, for about $11.9 million in cash, common stock and contingent common stock.

TowneBank merged Michael R. Bare into the operations of its subsidiary, Towne Insurance Agency LLC, according to a regulatory filing.