SUFFOLK, Va., May 25, 2022 (GLOBE NEWSWIRE) — Hampton Roads-based TowneBank (TOWN) announced today that its Board of Directors declared its second quarter cash dividend for shareholders on May 24, 2022. of $0.23 per common share payable July June 12, 2022 to shareholders of record June 30, 2022. The quarterly cash dividend on common shares of $0.23 per common share, or $0.92 per common share on a annual, represents an increase of 15.0% over the previous dividend rate.
The amount and declaration of future cash dividends are subject to Board approval in addition to regulatory restrictions.
About Towne Bank:
Founded in 1999, TowneBank is a relationship-based company, providing a full range of banking and other financial services, with the goal of serving others and enriching lives. Dedicated to a culture of caring, Towne values all employees and members by embracing their diverse talents, perspectives and experiences.
Today, the bank operates more than 40 banking offices across Hampton Roads and Central Virginia, as well as Northeast and Central North Carolina, serving as a local leader in promoting social, cultural and economy of each community. Towne offers a competitive range of business and personal banking solutions, delivered only with the highest ethical standards. Experienced local bankers offering a superior level of expertise and personal attention to local decision-making are essential to TowneBank’s strategy. Towne has developed its capabilities beyond banking to provide expertise through its controlled divisions and subsidiaries including Towne Wealth Management, Towne Insurance Agency, Towne Benefits, TowneBank Mortgage, TowneBank Commercial Mortgage, Berkshire Hathaway HomeServices Towne Realty, Towne 1031 Exchange, LLC and Towne The Holidays. With total assets of $16.67 billion as of March 31, 2022, TowneBank is one of the largest banks headquartered in Virginia.
G. Robert Aston, Jr., Executive Chairman, 757-638-6780
J. Morgan Davis, general manager, 757-673-1673
William B. Littreal, CFO, 757-638-6813