TowneBank Announces Quarterly Cash Dividend and Annual Shareholder Meeting Date

SUFFOLK, Va., Feb. 28, 2018 (GLOBE NEWSWIRE) -- Hampton Roads based TowneBank (NASDAQ:TOWN) announced today that its Board of Directors on February 28, 2018 declared its first-quarter shareholder cash dividend of $0.14 per common share payable on April 10, 2018 to shareholders of record on March 29, 2018.

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

Annual Meeting of Shareholders:

TowneBank announced that its 2018 Annual Meeting of Shareholders would be held at 11:30 a.m. on Wednesday, May 23, 2018 at the Virginia Beach Convention Center, 1000 19th Street in Virginia Beach, Virginia.

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, Jr., Chairman and CEO, (757) 638-6780


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