TowneBank Announces Quarterly Cash Dividend
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Rhea-AI Summary
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.
Positive
- Declared a cash dividend of $0.20 per common share, enhancing shareholder income.
- Total assets reached $16.36 billion, indicating strong financial stability.
Negative
- Future cash dividends are subject to Board approval and regulatory restrictions.
Details
News Market Reaction – TOWN
The recorded move for TOWN in the trading session of this news was -1.64%.
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AI-generated analysis. How Rhea-AI works. Not financial advice.
SUFFOLK, Va., Feb. 23, 2022 (GLOBE NEWSWIRE) -- Hampton Roads based TowneBank (NASDAQ: TOWN) announced today that its Board of Directors on February 23, 2022 declared its first-quarter shareholder cash dividend of
The amount and declaration of future cash dividends are subject to Board of Directors’ approval in addition to regulatory restrictions.
About TowneBank:
Founded in 1999, TowneBank is a company built on relationships, offering a full range of banking and other financial services, with a focus of 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, the bank operates over 40 banking offices throughout Hampton Roads and Central Virginia, as well as Northeastern and Central North 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. Towne has grown its capabilities beyond banking to provide expertise through its controlled divisions and subsidiaries that include Towne Investment Group, Towne Wealth Management, Towne Insurance Agency, Towne Benefits, TowneBank Mortgage, TowneBank Commercial Mortgage, Berkshire Hathaway HomeServices Towne Realty, Towne 1031 Exchange, LLC, and Towne Vacations. With total assets of
Media contact:
G. Robert Aston, Jr., Executive Chairman, 757-638-6780
J. Morgan Davis, Chief Executive Officer, 757-673-1673
Investor contact:
William B. Littreal, Chief Financial Officer, 757-638-6813
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