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Chesapeake Today
By the People, for the People
CNU Opens New Academic Building, TowneBank Acquires Dogwood State Bank
Business news roundup includes acquisitions and new facility openings.
Published on Feb. 9, 2026
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Christopher Newport University has opened a new academic building, while TowneBank, a regional bank based in Virginia, has acquired Dogwood State Bank. Additionally, Charles IT, an IT services company, has acquired MERIT, a managed service provider with locations in Chesapeake, Virginia and Rhode Island.
Why it matters
These business developments showcase growth and expansion in the region, with CNU investing in new academic infrastructure, TowneBank expanding its footprint through acquisition, and Charles IT bolstering its managed services capabilities.
The details
CNU's new academic building will provide additional classroom and research space for the university. TowneBank's acquisition of Dogwood State Bank will allow the regional bank to grow its presence in North Carolina. Charles IT's purchase of MERIT will add new locations and technical expertise to the IT services company's offerings.
- CNU opened its new academic building in February 2026.
- TowneBank acquired Dogwood State Bank in early 2026.
- Charles IT acquired MERIT in the first quarter of 2026.
The players
Christopher Newport University
A public university located in Newport News, Virginia that has opened a new academic building.
TowneBank
A regional bank headquartered in Virginia that has acquired Dogwood State Bank.
Charles IT
An IT services company that has acquired MERIT, a managed service provider with locations in Chesapeake, Virginia and Rhode Island.
Dogwood State Bank
A bank based in North Carolina that has been acquired by TowneBank.
MERIT
A managed service provider with locations in Chesapeake, Virginia and Rhode Island that has been acquired by Charles IT.
The takeaway
These business developments demonstrate continued growth and investment in the region, with universities, banks, and IT services companies all making strategic moves to expand their reach and capabilities.
