TowneBank Names New Chief Financial Officer

SUFFOLK, Va., Feb. 16, 2018 (GLOBE NEWSWIRE) -- Hampton Roads based TowneBank (NASDAQ:TOWN) today announced the promotion of William B. Littreal, CPA, to the position of Senior Executive Vice President and Chief Financial Officer to be effective upon the previously announced retirement of Clyde E. McFarland, Jr., who has served in that role since the founding of the company in 1999.

Mr. Littreal joined TowneBank in 2008 and has served in several executive roles as the company’s Finance Director from 2008 – 2011, Chief Operating Officer from 2011 – 2016, and in his current role as Chief Strategy Officer and Director of Investor Relations. Mr. Littreal will continue in his investor relations role when he assumes his new post. Prior to joining the company, Mr. Littreal served as Chief Financial Officer of another publicly-held financial institution.

He is a 1992 graduate of Christopher Newport University with a Bachelor of Science degree in Accounting, holds a Master of Science degree in IT Management from University of Virginia and is a Certified Public Accountant.

“In 2014, Bill and I began a journey together to build a pathway to the future for our Towne family by expanding our banking franchise into the Richmond, Raleigh and Charlotte markets,” said G. Robert Aston, Jr., Chairman of the Board and Chief Executive Officer. “He has played a major role in numerous acquisitions in the banking, insurance and real estate segments of our business. Most importantly, he thoroughly understands and embraces the caring culture of our company and lives by our values of serving others and enriching lives. No one is better qualified to lead the continued financial development of our company as we march into the next decade.”

Mr. Littreal has three daughters and resides in Toano, Virginia with his wife, Maria.

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