SUFFOLK, Va., March 29, 2018 (GLOBE NEWSWIRE) -- Hampton Roads based TowneBank (the “bank” or “company”) (NASDAQ:TOWN) announced today the approval of a new Corporate Management Group designed to construct and implement the first phase of a growth continuation strategy to prepare the company for the next decade of growth.
Under the new team-based structure, Founding Chairman of the Board and Chief Executive Officer, G. Robert Aston, Jr., has assumed the newly created position of Executive Chairman of the Board with continued responsibility for corporate strategy, corporate governance, marketing and human resources.
J. Morgan Davis, currently President and Chief Banking Officer, has assumed the additional role of Chief Executive Officer with overall responsibility for corporate growth and profitability. Mr. Davis, also one of the bank’s founding officers, has previously served as President and Chief Executive Officer of Towne Financial Services and as President of TowneBank of Virginia Beach.
Brad E. Schwartz, Senior Executive Vice President and Chief Operating Officer, will team with Mr. Davis in managing the daily activities of the company along with expanded executive responsibility for the advancement of corporate innovation and the enhancement of the bank’s digital delivery systems. Prior to joining the Towne family in 2016, he served as Chief Executive Officer of Monarch Bank, headquartered in Hampton Roads.
William B. Littreal has joined the Corporate Management Group in his new role as Senior Executive Vice President and Chief Financial Officer and will continue in his Investor Relations position.
The company expects to make a number of other executive appointments for several other members of the senior management team as the company further aligns its enhanced management structure in preparation for the future.
“With these changes, our long-term Management Succession Plan can continue to evolve over the next few years. Importantly, each of our Corporate Management Group members has agreed to an amendment to their employment agreements extending the term of those agreements through December 31, 2021,” said G. Robert Aston, Jr., Executive Chairman of the Board of Directors. “Our Towne family is blessed with an extraordinary level of talent throughout the organization, including our new Paragon Bank team members, and they are well prepared to assume additional leadership roles building our pathway to the future,” concluded Aston.
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., Executive Chairman, 757-638-6780
William B. Littreal, Senior Executive Vice President and CFO, 757-638-6813