TowneBank Announces Quarterly Cash Dividend

Rhea-AI Summary

TowneBank (NASDAQ: TOWN) declared a cash dividend of $0.18 per common share for Q2 2020, payable on July 10, 2020. Shareholders of record on June 30, 2020 are eligible. The declaration of future dividends will depend on Board approval and regulatory guidelines. TowneBank, headquartered in Suffolk, Virginia, operates 42 banking offices in Virginia and North Carolina, with total assets of $12.62 billion as of March 31, 2020. The bank is recognized as a leading community bank in its region, providing a wide array of financial services.

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• Declared a Q2 2020 cash dividend of $0.18 per share.
• Total assets of $12.62 billion demonstrate financial strength.

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• None.

SUFFOLK, Va., May 27, 2020 (GLOBE NEWSWIRE) -- Hampton Roads based TowneBank (NASDAQ: TOWN) announced today that its Board of Directors on May 27, 2020 declared its second-quarter shareholder cash dividend of $0.18 per common share payable on July 10, 2020 to shareholders of record on June 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, Moyock, Grandy, Greenville, Greensboro, Camden County, Southern Shores, Duck, Corolla 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 $12.62 billion as of March 31 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?

TowneBank declared a dividend of $0.18 per common share.

When will the dividend be paid?

The dividend will be paid on July 10, 2020.

Who is eligible for the dividend?

Shareholders of record on June 30, 2020, are eligible for the dividend.

Are future dividends guaranteed?

Future dividends are subject to Board approval and regulatory restrictions.