Welcome to our dedicated page for Townebank Portsmouth Va news (Ticker: TOWN), a resource for investors and traders seeking the latest updates and insights on Townebank Portsmouth Va stock.
TowneBank Portsmouth Va (TOWN) delivers integrated financial services through its banking, realty, and insurance segments, serving Virginia and North Carolina communities since 1999. This news hub provides investors and stakeholders with verified updates on strategic developments, financial performance, and community impact initiatives.
Access timely reports on earnings announcements, leadership changes, and regulatory filings alongside insights into commercial lending trends and residential real estate services. Our curated collection features press releases about new branch openings, insurance product expansions, and community reinvestment programs.
Bookmark this page for direct access to TowneBank's mortgage rate updates, property management initiatives, and wealth management service enhancements. Stay informed about credit policy changes, risk management practices, and local economic partnerships through our maintained archive of primary source materials.
TowneBank (NASDAQ: TOWN) reported strong Q1 2025 earnings of $50.59 million, or $0.67 per diluted share, compared to $34.69 million ($0.46/share) in Q1 2024. Core earnings reached $50.98 million ($0.68/share).
Key highlights include:
- Total revenues increased 14.93% to $192.04 million
- Net interest income grew by $17.26 million
- Total deposits reached $14.61 billion, up 3.42% year-over-year
- Loans held for investment were $11.65 billion, showing 1.75% growth
- Net interest margin improved to 3.14%
The bank completed its partnership with Village Bank and Trust Financial Corp on April 1, 2025, and announced a definitive agreement with Old Point Financial The company maintained strong asset quality with nonperforming assets at 0.04% of total assets.
TowneBank (NASDAQ: TOWN) has announced a definitive merger agreement to acquire Old Point Financial , enhancing its position in the Hampton Roads MSA. The transaction, valued at approximately $203 million, will create a combined entity with $19.5 billion in total assets, $13.1 billion in loans, and $16.3 billion in deposits (as of December 31, 2024).
Under the agreement terms, Old Point shareholders can choose either $41.00 in cash or 1.1400 shares of TowneBank common stock for each Old Point share, with total stock consideration representing between 50% and 60% of the total payment. The merger is expected to close in the second half of 2025, subject to regulatory and shareholder approvals.
The acquisition is projected to be approximately 10% accretive to TowneBank's earnings per share with fully phased-in cost savings on a GAAP basis.
TowneBank (TOWN) has completed its merger with Village Bank and Trust Financial Corp. and its subsidiary, Village Bank, strengthening its presence in the Richmond MSA. The merger, announced in September 2024 and approved by Village shareholders in December 2024, offers opportunities for revenue synergies with Towne Financial Services Group and strategic capital deployment.
Village Bank locations will temporarily operate as 'Village Bank, a Division of TowneBank' until June 2025, when core systems and operations will be fully integrated. As part of the merger, Frank E. Jenkins, Jr., former Village director, joins TowneBank's board, while James E. Hendricks, Jr., Village's former CEO, becomes Senior Executive Vice President at TowneBank.
TowneBank (NASDAQ: TOWN) has secured regulatory approvals from the Federal Deposit Insurance and Virginia State Commission for its planned acquisition of Village Bank and Trust Financial Corp. (NASDAQCM: VBFC). The merger, which received over 86% shareholder approval at Village's special meeting on December 19, 2024, is expected to complete in early April 2025.
Post-merger, Village Bank locations will temporarily operate as 'Village Bank, a Division of TowneBank' until mid-June 2025, when core systems and operations will be integrated into TowneBank's infrastructure. This strategic merger aims to strengthen TowneBank's presence in the Richmond MSA while creating opportunities for revenue synergies with Towne Financial Services Group.
TowneBank (NASDAQ: TOWN) has declared its first-quarter cash dividend for shareholders. The Hampton Roads based financial institution will distribute $0.25 per common share on April 11, 2025, to shareholders of record as of March 31, 2025. The company notes that future dividend amounts and declarations will require Board approval and must comply with regulatory restrictions.
TowneBank (TOWN) reported full-year 2024 earnings of $161.76 million ($2.15 per diluted share), up from $153.72 million ($2.06 per diluted share) in 2023. Fourth quarter 2024 earnings were $41.27 million ($0.55 per diluted share), compared to $28.80 million ($0.39 per diluted share) in Q4 2023.
Total revenues slightly decreased to $693.75 million in 2024. While net interest income declined by $15.18 million due to higher deposit costs, noninterest income grew by $14.80 million, driven by residential mortgage banking and insurance commissions. Total deposits increased by $0.54 billion to $14.44 billion, representing a 3.92% growth. Loans held for investment grew by $130.03 million, or 1.15%.
The company maintained strong asset quality with nonperforming assets at 0.05% of total assets. The net interest margin was 2.87% for 2024, compared to 3.03% in 2023. TowneBank expects to close its previously announced acquisition of Village Bank by the end of first quarter 2025.
TowneBank (NASDAQ: TOWN) has declared a fourth-quarter cash dividend of $0.25 per common share. The dividend will be payable on January 14, 2025, to shareholders of record on December 31, 2024. The Hampton Roads based bank's future dividend payments remain subject to Board approval and regulatory restrictions.
TowneBank (NASDAQ: TOWN) reported Q3 2024 earnings of $42.95 million, or $0.57 per diluted share, compared to $44.86 million, or $0.60 per diluted share in Q3 2023. Total revenues increased 0.96% to $174.52 million. Total deposits grew 3.48% to $14.36 billion, while loans held for investment increased 2.14% to $11.41 billion compared to Q3 2023. Net interest margin was 2.90%, with noninterest income rising by $2.43 million driven by growth in residential mortgage banking and insurance commissions. The company maintained strong asset quality with nonperforming assets at 0.04% of total assets.
TowneBank (NASDAQ: TOWN) and Village Bank and Trust Financial Corp. (NASDAQCM: VBFC) have announced a definitive agreement to merge. The acquisition will enhance TowneBank's presence in the Richmond MSA and provide opportunities for revenue synergies. Key details include:
- Village shareholders will receive $80.25 per share in cash
- Total transaction value of approximately $120.0 million
- Combined entity will have $17.8 billion in assets, $12.1 billion in loans, and $14.9 billion in deposits
- Expected to be 6% accretive to TowneBank's earnings per share
- Transaction expected to close in the first half of 2025
The merger is subject to regulatory approval and Village shareholders' approval.
TowneBank (NASDAQ: TOWN), based in Hampton Roads, has announced its third-quarter shareholder cash dividend of $0.25 per common share. The dividend will be payable on October 11, 2024, to shareholders of record on September 30, 2024. This declaration demonstrates TowneBank's commitment to providing returns to its shareholders. However, it's important to note that future cash dividends are subject to Board of Directors' approval and regulatory restrictions. This announcement provides investors with clarity on the upcoming dividend payment and reinforces the company's financial stability.
