TowneBank Announces Quarterly Cash Dividend
TowneBank (NASDAQ: TOWN) has declared a fourth-quarter cash dividend of $0.18 per common share, payable on January 11, 2021, to shareholders of record as of December 30, 2020.
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Rhea-AI Summary
TowneBank (NASDAQ: TOWN) has declared a fourth-quarter cash dividend of $0.18 per common share, payable on January 11, 2021, to shareholders of record as of December 30, 2020. This decision reflects the bank's ongoing commitment to shareholder returns, although future dividends are contingent upon Board approval and regulatory requirements. As of September 30, 2020, TowneBank reported total assets of $14.80 billion, affirming its status as one of Virginia's largest banks.
Positive
- Fourth-quarter cash dividend declared at $0.18 per share.
- Demonstrates commitment to returning value to shareholders.
- Total assets of $14.80 billion as of Sept 30, 2020, indicating strong financial health.
Negative
- Future dividends subject to Board and regulatory approval, introducing uncertainty.
Details
News Market Reaction – TOWN
The recorded move for TOWN in the trading session of this news was +1.62%.
Data tracked by StockTitan Argus. Session date unavailable.
AI-generated analysis. How Rhea-AI works. Not financial advice.
SUFFOLK, Va., Dec. 02, 2020 (GLOBE NEWSWIRE) -- Hampton Roads based TowneBank (NASDAQ: TOWN) announced today that its Board of Directors on December 2, 2020 declared its fourth-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:
As one of the top community banks in Virginia and North Carolina, TowneBank operates 42 banking offices serving Chesapeake, Chesterfield County, Glen Allen, Hampton, James City County, Mechanicsville, Newport News, Norfolk, Portsmouth, Richmond, Suffolk, Virginia Beach, Williamsburg, and York County in Virginia, along with Raleigh, Cary, Charlotte, Greensboro, Greenville, Moyock, Grandy, Camden County, Southern Shores, Corolla, Duck and Nags Head in North Carolina. TowneBank also offers a full range of financial services 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. Local decision-making is a hallmark of its hometown banking strategy that is delivered through the leadership of each group’s President and Board of Directors. With total assets of
Media contact:
G. Robert Aston, Jr., Executive Chairman, 757-638-6780
J. Morgan Davis, President and Chief Executive Officer, 757-673-1673
Investor contact:
William B. Littreal, Chief Financial Officer, 757-638-6813
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