Suffolk-based TowneBank has completed the previously announced merger with Monarch Financial Holdings and Monarch Bank.

Monarch stockholders received 0.883 shares of TowneBank common stock for each share of Monarch common stock.

“We are pleased to welcome our longtime friends at Monarch to the TowneBank family as we take this exciting step forward together,” TowneBank chairman and chief executive officer G. Robert Aston Jr. stated in a release announcing the deal’s closure.

“This combination of two great community banks will allow us to better serve the financial needs of our customers, while also providing the opportunity to enhance profitability and increase shareholder value.”

TowneBank had $6.37 billion in assets as of March 31, and the Monarch acquisition brought the total value of both banks’ assets to $7.58 billion.

Seven Monarch directors — Jeffrey F. Benson,
E. Neal Crawford, Jr., William T. Morrison, Robert M. Oman, Elizabeth T. Patterson, Dwight C. Schaubach and Brad E. Schwartz — joined the Board of Directors of TowneBank.

In addition, TowneBank appointed three new executive officers who will transition from their previous positions at Monarch:

• Brad E. Schwartz will serve as senior executive vice president and chief operating officer of TowneBank.
• E. Neal Crawford Jr. will serve as president of Towne Financial Services LLC.
• And William T. Morrison will serve as chairman and chief executive officer of TowneBank Mortgage and Realty Group.