SUFFOLK, Va., May 24, 2017 (GLOBE NEWSWIRE) -- Hampton Roads based TowneBank (NASDAQ:TOWN) announced today that its Board of Directors on May 23, 2017 declared its second-quarter shareholder cash dividend of $0.14 per common share payable on July 12, 2017 to shareholders of record on June 30, 2017. The quarterly common stock cash dividend of $0.14 per common share, or $0.56 per common share on an annual basis, is a 7.7% 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.
As one of the top community banks in Virginia and North Carolina, TowneBank operates 37 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 Moyock, Grandy, Camden County, Southern Shores, Corolla and Nags Head in North Carolina. Towne also offers a full range of financial services through its controlled divisions and subsidiaries that include Towne Investment Group, Towne Insurance Agency, Towne Benefits, TowneBank Mortgage, TowneBank Commercial Mortgage, Berkshire Hathaway HomeServices Towne Realty, Towne 1031 Exchange, LLC, and Beach Properties of Hilton Head. 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 $8.2 billion as of March 31, 2017, TowneBank is one of the largest banks headquartered in Virginia.
For more information contact: G. Robert Aston, Jr., Chairman and CEO, (757) 638-6780 Clyde E. McFarland, Jr., Senior Executive Vice President and CFO (757) 638-6801