SUFFOLK, Va., Nov. 28, 2012 (GLOBE NEWSWIRE) -- Hampton Roads based TowneBank (Nasdaq:TOWN) announced today that its Board of Directors approved a 12.5% increase in the quarterly common stock cash dividend to $0.09 per common share, or $0.36 per common share on an annual basis. The Board of Directors on November 28, 2012 declared its fourth-quarter shareholder cash dividend of $0.09 per common share payable on December 28, 2012 to shareholders of record on December 7, 2012.
Also on November 28, 2012 the Board of Directors declared a cash dividend of $2.50 per share on its Series C Fixed-Rate Non-Cumulative Perpetual Preferred Stock. This preferred dividend is payable on January 2, 2013, to the shareholder of record as of December 17, 2012. This is the fifth quarterly dividend payment to the U.S. Department of the Treasury, the shareholder of record, on the preferred stock issued to it by TowneBank under the Small Business Lending Fund Program.
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 26 banking offices serving Chesapeake, Hampton, Newport News, Norfolk, Portsmouth, Suffolk, Virginia Beach, Williamsburg, James City County and York County in Virginia along with Moyock, Grandy, Camden, Southern Shores, Corolla and Kill Devil Hills 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, TFA Benefits, TowneBank Mortgage, TowneBank Commercial Mortgage, Prudential Towne Realty, Towne 1031 Exchange, LLC, and Corolla Classic Vacations. Through its strategic partnership with William E. Wood and Associates, the bank also offers mortgage services in all of their offices in Hampton Roads and Northeastern North Carolina. 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 $4.32 billion as of September 30, 2012, TowneBank is one of the largest banks headquartered in Virginia.
CONTACT: For more information contact: G. Robert Aston, Chairman and CEO, (757) 638-6780 Clyde E. McFarland, Jr., Senior Executive Vice President and CFO (757) 638-6801Source: TowneBank