TowneBank Announces Quarterly Cash Dividend

Rhea-AI Summary

TowneBank (NASDAQ: TOWN) has declared a third-quarter cash dividend of $0.18 per common share, payable on October 9, 2020 to shareholders of record on September 30, 2020. This decision reflects the bank's ongoing commitment to providing returns to its shareholders, although future dividends remain subject to Board approval and regulatory constraints. As of June 30, 2020, TowneBank reported total assets of $15.58 billion, highlighting its stature as one of Virginia's largest banks.

Positive

• Declared cash dividend of $0.18 per share for Q3 2020.
• Demonstrates commitment to returning value to shareholders.

Negative

• Future dividends depend on Board approval and regulatory restrictions.

News Market Reaction – TOWN

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-3.05% Session move

In the trading session that priced this news, TOWN declined 3.05%, reflecting a moderate negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

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SUFFOLK, Va., Aug. 26, 2020 (GLOBE NEWSWIRE) -- Hampton Roads based TowneBank (NASDAQ: TOWN) announced today that its Board of Directors on August 26, 2020 declared its third-quarter shareholder cash dividend of $0.18 per common share payable on October 9, 2020 to shareholders of record on September 30, 2020.

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 $15.58 billion as of June 30, 2020, TowneBank is one of the largest banks headquartered in Virginia.

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

FAQ

What is the dividend amount declared by TowneBank for Q3 2020?

TowneBank declared a cash dividend of $0.18 per share for Q3 2020.

When will TowneBank pay its third-quarter dividend?

The dividend will be paid on October 9, 2020.

What is the record date for TowneBank's Q3 2020 dividend?

The record date for the dividend is September 30, 2020.

Are dividends from TowneBank guaranteed in the future?

Future dividends are subject to Board approval and regulatory restrictions.

How large is TowneBank as of June 30, 2020?

TowneBank has total assets of $15.58 billion.