Welcome to our dedicated page for Townebank Portsmouth Va news (Ticker: TOWN), a resource for investors and traders seeking the latest updates and insights on Townebank Portsmouth Va stock.
TowneBank (NASDAQ: TOWN) generates frequent news coverage as a regional commercial bank and financial services company active in Virginia, North Carolina, South Carolina, and parts of Tennessee. This news page aggregates company announcements, market updates, and transaction-related disclosures so readers can follow developments that affect TowneBank’s operations and footprint.
Recent news has highlighted TowneBank’s growth through mergers and acquisitions. The bank completed its merger with Old Point Financial Corporation, adding Old Point National Bank and Old Point Wealth Management and enhancing its core deposit base in the Hampton Roads region. TowneBank also announced and then completed the merger of Dogwood State Bank, a community bank headquartered in Raleigh, North Carolina, which expanded TowneBank’s presence along the Interstate 85 corridor and in key Carolinas markets, including Raleigh, Charlotte, Greensboro–Winston Salem, Greenville, and coastal North Carolina communities, as well as Charleston, South Carolina, and Elizabethton, Tennessee.
Investors and observers can expect TowneBank news to cover quarterly earnings releases, dividend declarations, regulatory approvals for mergers, closing announcements for acquisitions, and integration milestones for acquired institutions such as Village Bank and Trust Financial Corp., Old Point Financial Corporation, and Dogwood State Bank. Company updates also describe changes in deposits, loans, asset quality, and capital ratios, as well as commentary from TowneBank’s leadership on strategy, credit trends, and market conditions.
This page is useful for tracking how TowneBank’s Main Street banking strategy, community focus, and expansion efforts translate into financial performance and regional growth. For ongoing insight into TOWN news, readers can review the latest press releases, transaction updates, and earnings summaries as they are published.
TowneBank (NASDAQ: TOWN) reported Q3 2024 earnings of $42.95 million, or $0.57 per diluted share, compared to $44.86 million, or $0.60 per diluted share in Q3 2023. Total revenues increased 0.96% to $174.52 million. Total deposits grew 3.48% to $14.36 billion, while loans held for investment increased 2.14% to $11.41 billion compared to Q3 2023. Net interest margin was 2.90%, with noninterest income rising by $2.43 million driven by growth in residential mortgage banking and insurance commissions. The company maintained strong asset quality with nonperforming assets at 0.04% of total assets.
TowneBank (NASDAQ: TOWN) and Village Bank and Trust Financial Corp. (NASDAQCM: VBFC) have announced a definitive agreement to merge. The acquisition will enhance TowneBank's presence in the Richmond MSA and provide opportunities for revenue synergies. Key details include:
- Village shareholders will receive $80.25 per share in cash
- Total transaction value of approximately $120.0 million
- Combined entity will have $17.8 billion in assets, $12.1 billion in loans, and $14.9 billion in deposits
- Expected to be 6% accretive to TowneBank's earnings per share
- Transaction expected to close in the first half of 2025
The merger is subject to regulatory approval and Village shareholders' approval.
TowneBank (NASDAQ: TOWN), based in Hampton Roads, has announced its third-quarter shareholder cash dividend of $0.25 per common share. The dividend will be payable on October 11, 2024, to shareholders of record on September 30, 2024. This declaration demonstrates TowneBank's commitment to providing returns to its shareholders. However, it's important to note that future cash dividends are subject to Board of Directors' approval and regulatory restrictions. This announcement provides investors with clarity on the upcoming dividend payment and reinforces the company's financial stability.
TowneBank (NASDAQ: TOWN) reported Q2 2024 earnings of $42.86 million, or $0.57 per diluted share, compared to $41.72 million in Q2 2023. Core earnings increased by 10.10% to $42.56 million. Total revenues decreased by 3.63% to $174.97 million. Net interest income declined due to higher deposit costs, while noninterest income decreased due to a gain on sale in Q2 2023.
Key highlights include:
- Total deposits increased 3.68% YoY to $14.27 billion
- Loans held for investment grew 2.17% YoY to $11.45 billion
- Net interest margin was 2.86%, down from 2.98% in Q2 2023
- Noninterest-bearing deposits decreased 9.87% YoY but increased 2.61% QoQ
- Asset quality remained strong with nonperforming assets at 0.04% of total assets
Hampton Roads based TowneBank (NASDAQ: TOWN) announced a second-quarter cash dividend of $0.25 per common share. This dividend is payable on July 12, 2024, to shareholders of record on June 28, 2024. Future dividends are subject to Board of Directors' approval and regulatory restrictions.
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