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) 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.
TowneBank (Nasdaq: TOWN) reported a significant increase in earnings for 2021, achieving $215.38 million or $2.97 per diluted share, up from $145.54 million or $2.01 per diluted share in 2020. Total revenues for the year reached $680.33 million, a 2.41% increase. However, fourth-quarter earnings fell to $40.18 million, down 19.75% from the previous year. Total deposits grew to $13.57 billion, a 17.29% increase. Notably, credit quality remained strong, affirming TowneBank's market leadership in Hampton Roads.
On November 24, 2021, TowneBank (NASDAQ: TOWN) declared a fourth-quarter cash dividend of $0.20 per common share. This dividend will be payable on January 12, 2022, to shareholders recorded by December 30, 2021. The future dividend amounts are contingent on the Board's approval and regulatory conditions. As of September 30, 2021, TowneBank reported total assets of $15.81 billion, positioning itself as a key player in Virginia's banking sector.
TowneBank (TOWN) reported strong earnings for Q3 2021, with a net income of $50.40 million or $0.69 per diluted share, up from $34.46 million or $0.48 in Q3 2020. Total revenues decreased by 11.48% to $170.08 million, impacted by a prior year gain on the sale of Red Sky Travel Insurance. Notably, loans held for investment fell 4.84% to $9.30 billion, while total deposits rose 11.18% to $13.01 billion. Nonperforming assets improved significantly, now at 0.09% of total assets, reflecting robust credit quality.
TowneBank (NASDAQ: TOWN) has declared a third-quarter cash dividend of $0.20 per common share, payable on October 12, 2021 to shareholders of record on September 30, 2021. This decision reflects the bank's commitment to returning value to its shareholders. However, the amount and future dividend declarations are contingent upon Board approval and regulatory constraints. As of June 30, 2021, TowneBank holds total assets of $15.80 billion, making it one of Virginia's largest banks.
TowneBank (NASDAQ: TOWN) has appointed Brad Schwartz as President and COO, succeeding J. Morgan Davis, who will remain CEO. Schwartz, who joined Towne in 2016 with the Monarch Bank merger, has significantly contributed to enhancing operational capabilities, leading to more than doubled assets and earnings since his joining. The bank, founded in 1999, has over 40 offices in Virginia and North Carolina, boasting total assets of $15.80 billion as of June 30, 2021.
TowneBank (NASDAQ: TOWN) reported a robust Q2 2021 with earnings of $55.80 million ($0.77 per diluted share), rising from $34.61 million ($0.48 per diluted share) in Q2 2020. Total revenues increased by 16% to $167.32 million. Loans held for investment decreased 3.86% to $9.42 billion, while total deposits surged 15.09% to $12.96 billion. Noninterest income fell 4.62% to $66.18 million. The annualized return on equity stood at 12.31%, and net interest margin was 2.92%. The company anticipates pressure on net interest margins moving forward.