Richard Cullen Joins the TowneBank Corporate Board of Directors

Rhea-AI Summary

TowneBank (Nasdaq: TOWN) appointed Richard Cullen to its Corporate Board of Directors effective February 2026. Cullen brings decades of public-service and private-practice legal experience, including roles as Counselor to Governor Glenn Youngkin (2022–2026) and former Virginia Attorney General.

The company also closed its acquisition of Dogwood State Bank on January 12, 2026, creating pro forma total assets of approximately $22 billion as of December 31, 2025.

Positive

• Appointment of Richard Cullen adds decades of public-service and private-practice legal experience
• Acquisition of Dogwood State Bank closed Jan 12, 2026, creating pro forma assets of approximately $22 billion

Negative

• None.

News Market Reaction – TOWN

+1.89%

1 alert

+1.89% News Effect

On the day this news was published, TOWN gained 1.89%, reflecting a mild positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

SUFFOLK, Va., Feb. 02, 2026 (GLOBE NEWSWIRE) -- TowneBank (Nasdaq: TOWN) is pleased to announce the appointment of Richard Cullen to its Board of Directors.

Mr. Cullen has enjoyed a distinguished legal career with decades of experience in both public service and private practice. Most recently, Mr. Cullen served as Counselor to Governor Glenn Youngkin during his term in office from 2022 to 2026. Other notable public service positions include his appointment in 1997 by Governor George Allen to serve as Attorney General of Virginia and his appointment in 1991 by President George H.W. Bush to serve as United States Attorney for the Eastern District of Virginia. Mr. Cullen spent his career in private law practice at McGuireWoods, LLP, a firm that traces its roots back to 1834 and which has grown to approximately 1,000 lawyers with offices throughout the U.S. and in London. Prior to joining Governor Youngkin’s administration, Mr. Cullen served as Chairman of McGuireWoods for over a decade. In February, Mr. Cullen will become a partner in Torridon Law PLLC, a law firm based in Washington, D.C.

Mr. Cullen resides in Richmond, Virginia with his wife, Aggie Tullidge Cullen. They are parents of four adult children, including United States District Court Judge Thomas T. Cullen of Roanoke, Virginia.

“TowneBank is honored to welcome Richard Cullen to our Corporate Board of Directors,” said G. Robert Aston, Jr., Executive Chairman of TowneBank. “His extensive and impressive experience in both the public and private sectors and his proven leadership abilities will make him a key contributor to the continued success of our Company. He is a longtime colleague and friend of many in the Towne family, and we look forward to having Richard on board.”

Founded in 1999, TowneBank is a company built on relationships, offering a full range of banking and other financial services, with a focus on serving others and enriching lives. Dedicated to a culture of caring, Towne values all employees and members by embracing their diverse talents, perspectives, and experiences.

Today, TowneBank operates over 70 banking offices throughout Hampton Roads and Central Virginia, Eastern and Central North Carolina, the Greenville and upstate region of South Carolina, and Charleston, South Carolina – serving as a local leader in promoting the social, cultural, and economic growth in each community. Towne offers a competitive array of business and personal banking solutions, delivered with only the highest ethical standards. Experienced local bankers providing a higher level of expertise and personal attention with local decision-making are key to the TowneBank strategy. TowneBank has grown its capabilities beyond banking to provide expertise through its affiliated companies that include Towne Wealth Management, Towne Insurance Agency, Towne Benefits, TowneBank Mortgage, TowneBank Commercial Mortgage, Berkshire Hathaway HomeServices RW Towne Realty, Towne 1031 Exchange, LLC, Towne Vacations, and Towne Trust Company, N.A. With the closing of its acquisition of Dogwood State Bank on January 12, 2026, TowneBank would have had total pro forma assets of approximately $22 billion as of December 31, 2025, making it one of the largest banks headquartered in Virginia.

For more information, contact:
G. Robert Aston, Jr., Executive Chairman, 757-638-6780

Investor contact:
William B. Littreal, Chief Financial Officer, 757-638-6813

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/bb37b57d-d598-4880-8fd0-12f89e8fdd42

FAQ

Who is Richard Cullen and why did TowneBank (TOWN) appoint him to the board in February 2026?

Richard Cullen is a seasoned attorney with decades in public service and private practice. According to TowneBank, his experience includes serving as Counselor to Governor Glenn Youngkin (2022–2026) and prior roles as Virginia Attorney General and U.S. Attorney, which the company cited as governance value.

How does the addition of Richard Cullen to TowneBank's board affect TOWN governance?

The appointment adds legal and public-sector expertise to the board's oversight capacity. According to TowneBank, Cullen's leadership background and regulatory experience are expected to strengthen governance and strategic counsel for the company.

What was the impact of TowneBank's Dogwood State Bank acquisition on TOWN's balance sheet?

The Dogwood State Bank acquisition closed January 12, 2026, increasing scale. According to TowneBank, pro forma total assets would be approximately $22 billion as of December 31, 2025, making it one of the largest Virginia-headquartered banks.

When did TowneBank complete the Dogwood State Bank acquisition and what does pro forma mean for TOWN?

TowneBank completed the acquisition on January 12, 2026, per the company. Pro forma indicates combined financial size as if the deal were in place on December 31, 2025, resulting in roughly $22 billion in total assets.

Will Richard Cullen have a formal role or committee assignment on TowneBank's board (TOWN)?

The announcement names Cullen as a Corporate Board director but does not specify committee assignments. According to TowneBank, Cullen will join the board in February 2026; any committee roles would be determined by the board following his appointment.