TowneBank reports developments tied to its community banking franchise, shareholder returns, governance, and expansion across Virginia, North Carolina, and South Carolina. The company provides business and personal banking through a regional office network and operates affiliated services including wealth management, insurance, employee benefits, mortgage banking, commercial mortgage brokerage, real estate, 1031 exchange services, and trust services.
Recurring company news includes quarterly and annual earnings, credit quality, liquidity and capital commentary, common-stock dividends, board appointments, bank acquisition activity, and completed portfolio changes such as the sale of its Resort Property Management segment. Updates also reflect the company’s local banking model and the contribution of nonbank financial-services affiliates.
TowneBank (Nasdaq: TOWN) has successfully completed its merger with Farmers Bankshares, Inc., effective January 13, 2023. This strategic merger strengthens TowneBank’s position in the Virginia Beach-Norfolk-Newport News MSA, expanding its market to include Isle of Wight and Southampton counties. The merger, initially announced in August 2022, received strong support from Farmers shareholders by December 2022. The Farmers Bank branches will operate under the TowneBank brand by mid-April 2023, following an integration of systems. TowneBank, founded in 1999, has grown to over 45 branches with total assets of $16.17 billion.
TowneBank has announced the promotion of R. Lee Clark to Chief Operating Officer, effective immediately. Clark has been with the bank since 2006, showcasing a strong background in financial services and leadership roles, including Chief Human Resources Officer since 2019. CEO Billy Foster praised Clark's operational expertise and commitment to the company's culture. Founded in 1999 and headquartered in Virginia, TowneBank has over $15.95 billion in assets and operates more than 40 banking offices across various regions.
TowneBank (Nasdaq: TOWN) and Farmers Bankshares, Inc. (OTCPK: FBVA) are set to finalize their merger in early January 2023, having received necessary regulatory and shareholder approvals. Over 85% of Farmers Bankshares’ shareholders voted in favor of the merger during a meeting on December 14, 2022. This merger will enhance TowneBank’s market presence in the Virginia Beach-Norfolk-Newport News area and expand its service area to include Isle of Wight and Southampton counties, alongside boosting Towne Insurance Agency's market base.
TowneBank (NASDAQ: TOWN) announced a fourth-quarter cash dividend of $0.23 per common share, payable on January 12, 2023, to shareholders of record on December 30, 2022. The Board of Directors declared this dividend on November 23, 2022. Future dividends will require Board approval and may be subject to regulatory restrictions. With total assets of $15.95 billion as of September 30, 2022, TowneBank is a leading Virginia bank focused on community enrichment through a variety of banking and financial services.
TowneBank (Nasdaq: TOWN) announced that Brad E. Schwartz will retire as president and COO effective December 31, 2022. Schwartz, who joined Towne in 2016 following the Monarch Bank merger, will continue to serve as a senior advisor through 2025 to assist in the transition. The Board has appointed William (Billy) I. Foster III as the new president, who will also take over as CEO at year-end. TowneBank, with total assets of $15.95 billion as of September 30, 2022, operates over 40 banking offices in Virginia and North Carolina, emphasizing community-focused financial services.
TowneBank (NASDAQ: TOWN) reported third-quarter earnings of $50.17 million, or $0.69 per diluted share, slightly down from $50.40 million year-over-year. Excluding acquisition expenses, non-GAAP earnings were $50.78 million. Total revenues increased by 5.39% to $179.24 million, driven by a $23.60 million rise in net interest income, despite a $13.45 million decline in mortgage banking income. Loans held for investment grew 13.57% year-over-year to $10.56 billion, while total deposits rose 3.06% to $13.41 billion. The effective tax rate fell to 20.08%.
TowneBank has announced key leadership promotions as part of a board-approved succession plan. William T. Morrison has been appointed president and CEO of Towne Financial Services Group, while James M. Miller becomes CEO of TowneBank Mortgage. Morrison, with over 35 years in banking, previously led the mortgage division, which he successfully grew since a 2016 merger. Miller transitions from president of TowneBank Mortgage, continuing his leadership role. These moves aim to enhance operational efficiencies and revenue growth within Towne's non-banking services, strengthening its financial portfolio.
TowneBank (Nasdaq: TOWN) has announced new leadership roles for its banking teams in Virginia and North Carolina. Brian Skinner will serve as president and regional banking director for Virginia and Northeastern North Carolina, while Matt Davis will lead operations in North Carolina. Skinner, with over 15 years at Towne, will also oversee specialty banking lines. Davis brings nearly 30 years of experience and will focus on growth in key North Carolina markets. John Wallace has been appointed as chief risk officer. TowneBank operates over 40 banking offices and has total assets of $16.86 billion as of June 30, 2022.
TowneBank (Nasdaq: TOWN) has appointed Dawn S. Glynn as President and Chief Experience Officer to lead its new Corporate Services Group. Glynn, with over 35 years of banking experience, will oversee human resources, marketing, and product development, aiming to enhance member and employee experiences. TowneBank, founded in 1999, operates over 40 offices and has total assets of $16.86 billion as of June 30, 2022. The company's leadership emphasizes a culture of caring and community involvement in its banking operations.
TowneBank (NASDAQ: TOWN) has appointed William (Billy) I. Foster, III as the new Chief Executive Officer, succeeding J. Morgan Davis, who will step down on December 31, 2022. Foster, who has been with TowneBank since 2004, has held various executive positions, most recently as President of the Bank's markets in Central Virginia and North Carolina. Davis will remain as an executive consultant until March 31, 2023. The transition is part of a broader strategic plan to ensure continuity in leadership and maintain the bank's culture of caring.