Farmers Bank

What Farmers Bank does

Farmers Bank is a community bank founded in 1919 and headquartered in Windsor, Virginia, serving farmers, businesses, and families across the Suffolk and Western Tidewater region of Southeast Virginia. The bank historically provided traditional personal and business banking services within a defined local footprint, operating at a small scale of 51-100 employees. Following an agreement announced in August 2022 and overwhelming shareholder approval in December 2022, TowneBank completed its acquisition of Farmers Bank in April 2023; the Farmers Bank division subsequently moved under the TowneBank name, and Thomas Woodward was named president of the newly created Suffolk and Western Tidewater region.

The parent holding company, Farmers Bancorp, remained a distinct entity following the TowneBank transaction and is currently pursuing a merger with Richmond Mutual Bancorporation. All required regulatory approvals for that transaction were received in April 2026, with shareholder votes scheduled for May 2026 and closing expected in Q2 2026. Upon closing, Farmers Bancorp shareholders will own approximately 38% of the combined company, positioning Farmers Bancorp as a minority co-owner of a larger combined banking entity rather than an operating bank in its own right.

Through TowneBank, customers in the former Farmers Bank footprint now have access to a broader suite of financial services beyond traditional community banking, including personal and commercial checking, savings, money market, and CD products; lending across consumer, mortgage, SBA, commercial real estate, and non-recourse financing; treasury and merchant services; wealth management through Towne Wealth Management; trust administration; insurance through Towne Insurance; and real estate services through R.W. Towne. Digital banking capabilities include online and mobile banking, Zelle person-to-person payments, Card Suite Pro for card management, financial management software integrations, and online account opening — none of which are described as proprietary AI-driven features in the source material.

Name

Farmers Bank

Website

https://farmersbankva.com

Company type

Private

Founded year

1919

Operating status

Operating

Headcount range

51–100 employees

Short description

Farmers Bank is a community bank founded in 1919 in Windsor, Virginia, serving farmers, businesses, and families in Southeast Virginia. It was acquired by TowneBank in 2023 and now operates as a division under the TowneBank brand.

Ownership category

akta.pro rank

Product category

Community Banking

NAICS

Agriculture, Forestry, Fishing and Hunting (11)

SIC

National Commercial Banks (6021), State Commercial Banks (6022)

akta.pro primary industry

Small Business Banking (Microbusiness/Sole Proprietor) (FSABAAAI)

akta.pro secondary industry

Agricultural & Rural Cooperatives (Farm Credit/Co-op Banks) (FSABAEAG)

Keywords

• Community banking
• Retail banking
• Consumer lending
• Deposit accounts
• Commercial lending

Headquarters

HQ city

Windsor

HQ country

United States

HQ region

North America

Markets served

GTM type

B2C

Offering type

Services

Cost components

Personnel, Operations, Infrastructure, Technology or R&D, Marketing or Sales

Core offering

Farmers Bank is a community bank that provides traditional retail and commercial banking services to consumers and small businesses in Southeast Virginia, including the Suffolk and Western Tidewater region. Core offerings include checking and savings deposit accounts, consumer and commercial loans, mortgages, and digital banking services. Founded in 1919 and now operating as a division of TowneBank following its April 2023 acquisition, the bank emphasizes local market knowledge and personalized community banking relationships.

Differentiator

Problem solved

Functional benefit

Products and services

• Personal Checking and Savings Accounts Standard consumer deposit accounts for individuals and households in Southeast Virginia, including checking accounts for everyday banking and savings accounts for storing funds and earning interest. Targeted at local retail customers in Windsor, Suffolk, and the Western Tidewater region.
• Consumer Loans and Mortgages Consumer lending products including personal loans, auto loans, and residential mortgages for individual borrowers in the bank's Southeast Virginia market. Targeted at local consumers financing homes, vehicles, and personal needs.
• Commercial and Small Business Banking Banking services for small businesses and local commercial customers, including business deposit accounts, operating lines of credit, and commercial lending. Targeted at local merchants, farms, and professional service firms in Southeast Virginia.
• Online and Mobile Banking Digital banking channels allowing customers to view account balances, transfer funds, pay bills, and deposit checks remotely. Available to retail and small business customers of Farmers Bank.

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Three partnerships are on record, tiered core.

• Richmond Mutual BancorporationcoreStrategic or Co-development Partner · 1 May 2026Richmond Mutual Bancorporation and Farmers Bancorp have agreed to merge, with all required regulatory approvals received. Shareholder votes are scheduled for May 2026, and closing is expected in Q2 2026. Upon closing, Farmers Bancorp shareholders will own approximately 38% of the combined company.
• Richmond Mutual BancorporationcoreStrategic or Co-development Partner · 1 May 2026The proposed merger between Richmond Mutual Bancorporation and Farmers Bancorp has received all required regulatory approvals. Shareholder votes are scheduled for May 2026 with expected closing in Q2 2026.
• TowneBankcoreStrategic or Co-development Partner · 1 April 2023Farmers Bank completed its merger with TowneBank in April 2023, with the Farmers Bank division moving under the TowneBank name. Thomas Woodward was named president of the new Suffolk and Western Tidewater region as part of the transition.

Scale indicators1 record

Recent moves6 records

Expansion highlights5 records

Direct peers

• Chesapeake Bank: Community bank headquartered in Kilmarnock, Virginia, serving the Northern Neck and Middle Peninsula with consumer, business, and mortgage banking. Comparable to Farmers Bank in community-banking focus and rural Virginia market profile.
• Citizens Community Bank: Community bank operating in Southside and Central Virginia, focused on small-business and consumer banking. Comparable to Farmers Bank in community-banking model and rural Virginia market profile.
• American National Bank & Trust: Community bank headquartered in Danville, Virginia, offering consumer, small-business, and commercial banking across southern Virginia. Comparable in size, community-bank focus, and Virginia regional orientation.
• TowneBank: Acquired Farmers Bank in April 2023 and is now the parent company. TowneBank is a Virginia-based community bank offering personal and business banking, mortgage, wealth, and insurance, directly comparable in community-banking model and Virginia market overlap.
• Richmond Mutual Bancorporation: Mutual banking partner with Farmers Bancorp in the announced Q2 2026 merger. Operates as a community-oriented savings institution in Virginia with a similar small-business and consumer banking focus, making it a directly comparable peer.
• Carter Bank & Trust: Virginia-based community bank offering consumer and small-business banking, mortgages, and digital services. Closely comparable in size, community-bank orientation, and Virginia footprint to Farmers Bank.
• Virginia National Bankshares: Holding company of Virginia National Bank, a community bank serving Charlottesville and surrounding Virginia markets. Comparable in independent community-banking positioning and Virginia regional footprint.
• Blue Ridge Bank: Virginia-based community bank serving individuals and businesses across Northern Virginia, the Shenandoah Valley, and beyond. Comparable in community-banking orientation and Virginia market overlap.
• Old Point National Bank: Community bank based on the Virginia Peninsula offering personal, business, and wealth services. Comparable in community-banking model and proximity to Farmers Bank's Tidewater footprint.

Broad incumbents

• Atlantic Union Bankshares: One of the largest Virginia-headquartered banking franchises with personal, business, wealth, and mortgage banking across the Mid-Atlantic. A broader incumbent serving overlapping Virginia geographies and customer segments as Farmers Bank.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat3 records

Key risks5 records

Key highlights5 records

Customer concentration

• Xx.com/farmersbankva

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 records

Funding overview

Funding rounds2 records

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Farmers Bank