TowneBank Announces Quarterly Cash Dividend

Rhea-AI Summary

TowneBank (NASDAQ:TOWN) declared a second-quarter 2026 cash dividend of $0.28 per common share, payable July 10, 2026 to shareholders of record June 26, 2026. This quarterly dividend, $1.12 annualized, reflects a 3.7% increase from the prior rate.

TowneBank completed the $250 million sale of its Resort Property Management business on April 3, 2026 and paid a $0.70 per-share special dividend on May 20, 2026. The Board also approved a $25 million donation to the TowneBank Foundation, to be expensed in second-quarter 2026.

Positive

• Quarterly dividend raised 3.7% to $0.28 per common share
• Annualized common dividend set at $1.12 per share
• $250 million sale of Resort Property Management business completed April 3, 2026
• Special cash dividend of $0.70 per share paid May 20, 2026
• Board-approved $25 million donation reinforces TowneBank Foundation capitalization

Negative

• $25 million TowneBank Foundation donation will be expensed in Q2 2026

News Market Reaction – TOWN

+1.53%

+1.53% Session close to close

In the May 20 session, TOWN gained 1.53%, reflecting a mild positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

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Common Stock Dividend Increased By 3.7%

SUFFOLK, Va., May 20, 2026 (GLOBE NEWSWIRE) -- Hampton Roads based TowneBank (NASDAQ: TOWN) announced today that its Board of Directors declared its second-quarter shareholder cash dividend of $0.28 per common share payable on July 10, 2026, to shareholders of record on June 26, 2026. The quarterly common stock cash dividend of $0.28 per common share, or $1.12 per common share on an annual basis, is a 3.7% increase from the previous dividend rate.

The amount and declaration of future cash dividends are subject to Board of Directors’ approval in addition to regulatory restrictions.

Following the sale of our Resort Property Management business on April 3, 2026 for a purchase price of $250 million and the payment of a special dividend of $0.70 per share today, the Board of Directors approved a one-time $25 million donation to the TowneBank Foundation.  In furtherance of our mission of Serving Others and Enriching Lives, this donation will provide considerable support in the years ahead to the Foundation’s ongoing commitment to serve as a community asset for the deserving charitable organizations in the markets we serve.  The expense will be recognized in the second quarter of 2026.

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, TowneBank 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, and Towne Trust Company, N.A. With total assets of $22.36 billion as of March 31, 2026, TowneBank is one of the largest banks headquartered in Virginia.

Media contact:
G. Robert Aston, Jr., Executive Chairman, 757-638-6780
William I. Foster III, President and Chief Executive Officer, 757-417-6482

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

FAQ

What quarterly dividend did TowneBank (NASDAQ:TOWN) declare for Q2 2026?

TowneBank declared a Q2 2026 cash dividend of $0.28 per common share. According to TowneBank, it will be paid July 10, 2026 to shareholders of record on June 26, 2026, and equals $1.12 on an annualized basis.

How much did TowneBank (TOWN) increase its common stock dividend in May 2026?

TowneBank increased its quarterly common stock cash dividend by 3.7% to $0.28 per share. According to TowneBank, this new rate represents $1.12 per share annually compared with the prior, lower dividend rate paid to shareholders.

When will TowneBank's $0.28 Q2 2026 dividend be paid and who qualifies?

The $0.28 Q2 2026 dividend will be paid on July 10, 2026. According to TowneBank, shareholders of record as of June 26, 2026 are eligible to receive this quarterly cash dividend on their common stock holdings.

What is TowneBank's $0.70 per share special dividend announced May 20, 2026?

TowneBank paid a special cash dividend of $0.70 per share on May 20, 2026. According to TowneBank, the special dividend followed the $250 million sale of its Resort Property Management business completed on April 3, 2026.

What are the details of TowneBank's sale of its Resort Property Management business?

TowneBank sold its Resort Property Management business for $250 million on April 3, 2026. According to TowneBank, the transaction preceded a $0.70 per-share special dividend and a Board-approved $25 million donation to the TowneBank Foundation.

How will TowneBank's $25 million TowneBank Foundation donation affect Q2 2026 results?

The $25 million donation to the TowneBank Foundation will be recognized as an expense in Q2 2026. According to TowneBank, the contribution supports the Foundation’s mission and will appear in the company’s second-quarter 2026 financial results.