TowneBank Announces Retirement of Chief Financial Officer

SUFFOLK, Va., Feb. 06, 2018 (GLOBE NEWSWIRE) -- Hampton Roads based TowneBank (the “bank” or “company”) (NASDAQ:TOWN) announced today the upcoming retirement of the bank’s founding Chief Financial Officer, Clyde E. McFarland, Jr., that is expected to be effective in March 2018.

Mr. McFarland joined the TowneBank organizers operating from the Aston family garage on a part-time basis in the fall of 1998 and joined the bank full time on March 1, 1999. He has served as the company’s Chief Financial Officer since that time.

“Clyde has played an extraordinary role in the birthing and growth of Towne into the $10 billion asset company it is today,” said G. Robert Aston, Jr., the company’s founding Chairman and Chief Executive Officer. “During our careers together at two different banks, Clyde and I have worked side by side for nearly thirty years. His impact on the success of Towne as well as his contribution to the personal and professional success of so many people in our company, including yours truly, cannot possibly be overstated,” added Aston.

In order to fully ensure a high level of continuity in the financial management of the company as it plans for the next decade of growth, Mr. McFarland will be retained by the company on a consulting basis through March 2022 to assist with those efforts. He will also serve as a member of the TowneBank Outer Banks Board of Directors in Southern Shores, North Carolina where he maintains a seasonal residence.

“Here at Towne, we are blessed with a deep and extraordinarily talented financial management and leadership team. We anticipate naming a successor to the Chief Financial Officer position prior to Mr. McFarland’s retirement,” said Aston.

About TowneBank

As one of the top community banks in Virginia and North Carolina, TowneBank operates 40 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, 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 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 $8.52 billion as of December 31, 2017, TowneBank is one of the largest banks headquartered in Virginia. Based on financial data as of September 30, 2017 and reflecting the recently completed merger with Paragon Commercial Corporation, TowneBank would have total assets of $10.5 billion, gross loans of $7.3 billion and total deposits of $7.8 billion.

For more information contact:
G. Robert Aston, Chairman and CEO, 757-638-6780
William B. Littreal, Chief Strategy and Investor Relations Officer, (757) 638-6813