Dogwood State Bank soars on $476 million buyout deal with TowneBank

** Community lender Dogwood State Bank's DSBX.PK shares soar 54.1% to $23.65

** Regional lender TowneBank TOWN.O will buy DSBX in a $476 million all-stock deal, creating a combined bank with roughly $22 billion in assets

** DSBX shareholders will receive 0.70 shares of TOWN for each share held, or $25.04 apiece, representing a 63% premium to DSBX's last close

** "DSBX is consistent with TOWN's M&A strategy of pursuing digestible, in-footprint or contiguous deals with a strong asset quality bias" - brokerage Stephens

** As of last close, DSBX shares were up 8.1% YTD