TowneBank Announces Quarterly Cash Dividend

Rhea-AI Summary

TowneBank (NASDAQ: TOWN) has declared a fourth-quarter cash dividend of $0.18 per common share, payable on January 11, 2021, to shareholders of record as of December 30, 2020. This decision reflects the bank's ongoing commitment to shareholder returns, although future dividends are contingent upon Board approval and regulatory requirements. As of September 30, 2020, TowneBank reported total assets of $14.80 billion, affirming its status as one of Virginia's largest banks.

Positive

• Fourth-quarter cash dividend declared at $0.18 per share.
• Demonstrates commitment to returning value to shareholders.
• Total assets of $14.80 billion as of Sept 30, 2020, indicating strong financial health.

Negative

• Future dividends subject to Board and regulatory approval, introducing uncertainty.

SUFFOLK, Va., Dec. 02, 2020 (GLOBE NEWSWIRE) -- Hampton Roads based TowneBank (NASDAQ: TOWN) announced today that its Board of Directors on December 2, 2020 declared its fourth-quarter shareholder cash dividend of $0.18 per common share payable on January 11, 2021 to shareholders of record on December 30, 2020.

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

About TowneBank:

As one of the top community banks in Virginia and North Carolina, TowneBank operates 42 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, Greensboro, Greenville, Moyock, Grandy, Camden County, Southern Shores, Corolla, Duck and Nags Head in North Carolina. TowneBank 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 $14.80 billion as of September 30, 2020, TowneBank is one of the largest banks headquartered in Virginia.

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

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

FAQ

What is the dividend amount declared by TowneBank for the fourth quarter of 2020?

TowneBank declared a cash dividend of $0.18 per common share.

When will the dividend be paid to shareholders of TowneBank?

The dividend will be payable on January 11, 2021.

What is the record date for the TowneBank fourth-quarter dividend?

The record date for the dividend is December 30, 2020.

Are future dividends from TowneBank guaranteed?

No, future dividends are subject to Board of Directors’ approval and regulatory restrictions.

What are TowneBank's total assets as of September 30, 2020?

TowneBank reported total assets of $14.80 billion.