TowneBank Announces Quarterly Cash Dividend

Rhea-AI Summary

TowneBank (NASDAQ: TOWN) declared a cash dividend of $0.20 per common share for the first quarter of 2022, payable on April 8, 2022, to shareholders of record as of March 30, 2022. Future dividends remain subject to Board approval and regulatory restrictions. As of December 31, 2021, TowneBank held total assets of $16.36 billion, demonstrating its position as a leading financial institution in Virginia with over 40 banking offices across multiple states.

Positive

• Declared a cash dividend of $0.20 per common share, enhancing shareholder income.
• Total assets reached $16.36 billion, indicating strong financial stability.

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• Future cash dividends are subject to Board approval and regulatory restrictions.

SUFFOLK, Va., Feb. 23, 2022 (GLOBE NEWSWIRE) -- Hampton Roads based TowneBank (NASDAQ: TOWN) announced today that its Board of Directors on February 23, 2022 declared its first-quarter shareholder cash dividend of $0.20 per common share payable on April 8, 2022 to shareholders of record on March 30, 2022.

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

About TowneBank:

Founded in 1999, TowneBank is a company built on relationships, offering a full range of banking and other financial services, with a focus of serving others and enriching lives. Dedicated to a culture of caring, Towne values all employees and members by embracing their diverse talents, perspectives, and experiences.

Today, the bank operates over 40 banking offices throughout Hampton Roads and Central Virginia, as well as Northeastern and Central North Carolina – serving as a local leader in promoting the social, cultural, and economic growth in each community. Towne offers a competitive array of business and personal banking solutions, delivered with only the highest ethical standards. Experienced local bankers providing a higher level of expertise and personal attention with local decision-making are key to the TowneBank strategy. Towne has grown its capabilities beyond banking to provide expertise 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. With total assets of $16.36 billion as of December 31, 2021, TowneBank is one of the largest banks headquartered in Virginia.

Media contact:
G. Robert Aston, Jr., Executive Chairman, 757-638-6780
J. Morgan Davis, Chief Executive Officer, 757-673-1673

Investor contact:
William B. Littreal, Chief Financial Officer, 757-638-6813

FAQ

What is the amount of the cash dividend declared by TowneBank for Q1 2022?

The cash dividend declared by TowneBank for Q1 2022 is $0.20 per common share.

When will TowneBank's dividend be paid to shareholders?

TowneBank's dividend will be paid on April 8, 2022.

What is the record date for TowneBank's Q1 2022 dividend?

The record date for TowneBank's Q1 2022 dividend is March 30, 2022.

Is the dividend amount guaranteed for future quarters?

No, the amount and declaration of future cash dividends are subject to Board approval and regulatory restrictions.

How many banking offices does TowneBank operate?

TowneBank operates over 40 banking offices across Hampton Roads, Central Virginia, and parts of North Carolina.