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 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) 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.
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.