Welcome to our dedicated page for Towne Bank news (Ticker: TOWN), a resource for investors and traders seeking the latest updates and insights on Towne Bank stock.
TowneBank (symbol: TOWN) is a prominent financial services company committed to serving the financial needs of individuals, commercial enterprises, and professionals across Virginia and North Carolina. Established to foster community growth and economic development, TowneBank operates over 50 banking offices throughout Hampton Roads, Central Virginia, and the Northeastern and Central regions of North Carolina. The company is structured into three primary segments: Banking, Realty, and Insurance.
Banking Segment: TowneBank offers a comprehensive range of loan and deposit services to both retail and commercial customers. Additionally, it provides commercial mortgage brokerage services and investment and asset management solutions. This segment emphasizes a client-first approach with personalized attention and local decision-making, playing a critical role in TowneBank's strategy.
Realty Segment: This segment delivers a full suite of residential real estate services, including mortgage loans. It also encompasses resort property management and the provision of residential and commercial title insurance. Berkshire Hathaway HomeServices RW Towne Realty, among other affiliates, extends TowneBank's reach in real estate markets.
Insurance Segment: Towne Insurance offers a diverse array of insurance products, including property, casualty, life, and health insurance. This segment has shown significant growth, with revenues surpassing $100 million, reflecting its intrinsic value to shareholders.
Recent achievements underscore TowneBank's robust performance. The company reported a solid quarterly performance, highlighting a 28% deposit market share in its home market in the Hampton Roads region. This reinforces the efficacy of its Main Street banking strategy. Notably, average deposits increased by $326 million, excluding brokered deposits, enabling a reduction in higher-cost borrowings. Despite the economic challenges of 2023, TowneBank maintained strong liquidity and robust capital levels, emphasizing its conservative balance sheet management approach.
Financially, TowneBank reported total assets of $16.84 billion as of December 31, 2023. The company employs non-GAAP financial measures to present a clearer picture of its core business performance and capital strength. These measures include fully tax-equivalent net interest margin, core operating earnings, and tangible book value per common share.
TowneBank's forward-looking strategy involves ongoing prudent management in uncertain economic environments, focusing on growth, liquidity, and capital deployment. The company is poised to leverage opportunities presented by market conditions, underpinned by its diversified revenue model and conservative growth approach.
With a commitment to ethical standards and community involvement, TowneBank continues to support social, cultural, and economic growth in the regions it serves. Its affiliated companies, like Towne Wealth Management, Towne Benefits, and Towne 1031 Exchange, LLC, further augment its capabilities beyond traditional banking, offering a broad spectrum of financial services.
For more information about TowneBank's latest performance, events, and developments, investors can stay updated through regular news releases and financial reports accessible on the company's official website and financial news platforms.
TowneBank (TOWN) reported its financial results for 2022, showing earnings of $188.99 million ($2.60 per diluted share), down from $215.38 million ($2.97 per diluted share) in 2021. Total revenues increased to $686.94 million, with a $59 million rise in net interest income offset by a $52 million decline in noninterest income. Q4 2022 earnings were $46.69 million ($0.64 per share), an increase from the previous year's $40.18 million ($0.55 per share). Despite challenges in residential mortgage banking, the bank maintained a strong credit quality and a market share leadership in Hampton Roads. Looking ahead, the company plans to enhance its balance sheet and expand noninterest income activities.
TowneBank (Nasdaq: TOWN) has successfully completed its merger with Farmers Bankshares, Inc., effective January 13, 2023. This strategic merger strengthens TowneBank’s position in the Virginia Beach-Norfolk-Newport News MSA, expanding its market to include Isle of Wight and Southampton counties. The merger, initially announced in August 2022, received strong support from Farmers shareholders by December 2022. The Farmers Bank branches will operate under the TowneBank brand by mid-April 2023, following an integration of systems. TowneBank, founded in 1999, has grown to over 45 branches with total assets of $16.17 billion.
TowneBank has announced the promotion of R. Lee Clark to Chief Operating Officer, effective immediately. Clark has been with the bank since 2006, showcasing a strong background in financial services and leadership roles, including Chief Human Resources Officer since 2019. CEO Billy Foster praised Clark's operational expertise and commitment to the company's culture. Founded in 1999 and headquartered in Virginia, TowneBank has over $15.95 billion in assets and operates more than 40 banking offices across various regions.
TowneBank (Nasdaq: TOWN) and Farmers Bankshares, Inc. (OTCPK: FBVA) are set to finalize their merger in early January 2023, having received necessary regulatory and shareholder approvals. Over 85% of Farmers Bankshares’ shareholders voted in favor of the merger during a meeting on December 14, 2022. This merger will enhance TowneBank’s market presence in the Virginia Beach-Norfolk-Newport News area and expand its service area to include Isle of Wight and Southampton counties, alongside boosting Towne Insurance Agency's market base.
TowneBank (NASDAQ: TOWN) announced a fourth-quarter cash dividend of $0.23 per common share, payable on January 12, 2023, to shareholders of record on December 30, 2022. The Board of Directors declared this dividend on November 23, 2022. Future dividends will require Board approval and may be subject to regulatory restrictions. With total assets of $15.95 billion as of September 30, 2022, TowneBank is a leading Virginia bank focused on community enrichment through a variety of banking and financial services.
TowneBank (Nasdaq: TOWN) announced that Brad E. Schwartz will retire as president and COO effective December 31, 2022. Schwartz, who joined Towne in 2016 following the Monarch Bank merger, will continue to serve as a senior advisor through 2025 to assist in the transition. The Board has appointed William (Billy) I. Foster III as the new president, who will also take over as CEO at year-end. TowneBank, with total assets of $15.95 billion as of September 30, 2022, operates over 40 banking offices in Virginia and North Carolina, emphasizing community-focused financial services.
TowneBank (NASDAQ: TOWN) reported third-quarter earnings of $50.17 million, or $0.69 per diluted share, slightly down from $50.40 million year-over-year. Excluding acquisition expenses, non-GAAP earnings were $50.78 million. Total revenues increased by 5.39% to $179.24 million, driven by a $23.60 million rise in net interest income, despite a $13.45 million decline in mortgage banking income. Loans held for investment grew 13.57% year-over-year to $10.56 billion, while total deposits rose 3.06% to $13.41 billion. The effective tax rate fell to 20.08%.
TowneBank has announced key leadership promotions as part of a board-approved succession plan. William T. Morrison has been appointed president and CEO of Towne Financial Services Group, while James M. Miller becomes CEO of TowneBank Mortgage. Morrison, with over 35 years in banking, previously led the mortgage division, which he successfully grew since a 2016 merger. Miller transitions from president of TowneBank Mortgage, continuing his leadership role. These moves aim to enhance operational efficiencies and revenue growth within Towne's non-banking services, strengthening its financial portfolio.
TowneBank (Nasdaq: TOWN) has announced new leadership roles for its banking teams in Virginia and North Carolina. Brian Skinner will serve as president and regional banking director for Virginia and Northeastern North Carolina, while Matt Davis will lead operations in North Carolina. Skinner, with over 15 years at Towne, will also oversee specialty banking lines. Davis brings nearly 30 years of experience and will focus on growth in key North Carolina markets. John Wallace has been appointed as chief risk officer. TowneBank operates over 40 banking offices and has total assets of $16.86 billion as of June 30, 2022.
TowneBank (Nasdaq: TOWN) has appointed Dawn S. Glynn as President and Chief Experience Officer to lead its new Corporate Services Group. Glynn, with over 35 years of banking experience, will oversee human resources, marketing, and product development, aiming to enhance member and employee experiences. TowneBank, founded in 1999, operates over 40 offices and has total assets of $16.86 billion as of June 30, 2022. The company's leadership emphasizes a culture of caring and community involvement in its banking operations.
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