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) has declared a cash dividend of $0.23 per common share for the third quarter, payable on October 14, 2022, to shareholders recorded on September 30, 2022. This decision underscores the bank's commitment to returning value to its shareholders. Future dividends will depend on the Board of Directors' approval and regulatory considerations. With total assets of $16.86 billion as of June 30, 2022, TowneBank continues to be a significant banking institution in Virginia, with over 40 banking offices across key regions.
TowneBank (NASDAQ: TOWN) has announced a definitive merger agreement with Farmers Bankshares, Inc. (OTCPK: FBVA). This merger is set to enhance TowneBank’s market share in the Virginia Beach-Norfolk-Newport News area and is valued at approximately $56 million, with Farmers shareholders receiving 0.6050 shares of TowneBank for each share owned. The combined assets will total $17.5 billion, with expectations for a 5% increase in earnings per share. The merger is anticipated to close in Q1 2023, pending regulatory and shareholder approvals.
TowneBank (TOWN) reported Q2 2022 earnings of $46.55 million ($0.64 per diluted share), down from $55.80 million ($0.77) in Q2 2021. Total revenues decreased by 0.20% to $166.98 million, primarily due to a $12.35 million drop in residential mortgage income. However, net interest income rose by $8.20 million. Loans held for investment increased by 10.63% year-over-year to $10.43 billion, while total deposits rose by 7.96% to $14.00 billion. The net interest margin was 2.88%, with a return on common equity of 10.03%. Noninterest income decreased by 12.90% to $57.64 million.
TowneBank (NASDAQ: TOWN) announced a 15% increase in its quarterly cash dividend, declaring $0.23 per common share. This dividend is payable on July 12, 2022 to shareholders of record as of June 30, 2022. This raises the annual dividend to $0.92 per share. The future dividends will depend on the Board of Directors' approval and regulatory restrictions. As of March 31, 2022, TowneBank holds $16.67 billion in total assets, making it one of Virginia's largest banks.
TowneBank (NASDAQ: TOWN) reported a first-quarter 2022 net income of $45.59 million, or $0.63 per diluted share, down from $69.00 million ($0.95 per share) in Q1 2021. Total revenues were $165.41 million, a decrease of 9.37%, primarily due to a decline in residential mortgage banking income. Despite the revenue drop, loans held for investment increased by 1.79% to $9.91 billion. Additionally, deposits rose 13.44% to $13.77 billion. The bank's net interest margin was 2.67%, and nonperforming assets decreased to 0.03% of total assets.
TowneBank (Nasdaq: TOWN) announced that three long-serving Board members, E. Lee Baynor, Thomas C. Broyles, and F. Lewis Wood, will not seek re-election and will transition to Emeritus status after the 2022 Annual Meeting of Shareholders. Executive Chairman G. Robert Aston emphasized their significant contributions to the bank's growth. Founded in 1999, TowneBank has over 40 branches in Virginia and North Carolina, with total assets of $16.36 billion as of December 31, 2021. The bank focuses on a mission of serving others and offering a broad range of financial services.
TowneBank (NASDAQ: TOWN) declared a cash dividend of $0.20 per common share for the first quarter of 2022, payable on April 8, 2022, to shareholders of record as of March 30, 2022. Future dividends remain subject to Board approval and regulatory restrictions. As of December 31, 2021, TowneBank held total assets of $16.36 billion, demonstrating its position as a leading financial institution in Virginia with over 40 banking offices across multiple states.
TowneBank (Nasdaq: TOWN) has successfully completed a public offering of $250 million in 3.125% fixed-to-floating rate subordinated notes due 2032. The notes, sold at par, generated net proceeds of approximately $247 million after expenses. The bank plans to utilize these funds for various corporate purposes, including redeeming existing subordinated notes, financing growth, share repurchases, and enhancing regulatory capital. Piper Sandler & Co. served as the sole book-running manager for this offering.
TowneBank (Nasdaq: TOWN) announced the pricing of $250 million in 3.125% fixed-to-floating rate subordinated notes due 2032. Initially, the notes will earn 3.125% interest until February 15, 2027, after which the rate will reset quarterly based on Three-Month Term SOFR plus 168 basis points. The offering is expected to close around February 9, 2022, with proceeds used for general corporate purposes, including redeeming existing debt and supporting regulatory capital levels. The notes will not be insured by the FDIC and are junior to existing senior debts.
TowneBank (Nasdaq: TOWN) announced the planned retirement of CEO J. Morgan Davis in 2022, who will remain until a successor is appointed. Mr. Davis, a founding member, has held significant roles since 1999, including President from 2011 to 2021 and CEO since 2018. The Board of Directors is overseeing the succession process to ensure management continuity. G. Robert Aston, the current Executive Chairman, confirmed he will continue in his role for the next three years. TowneBank, an asset company valued at $16 billion, offers various banking services across Hampton Roads, Virginia, and North Carolina.
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