TowneBank Announces Quarterly Cash Dividend

Rhea-AI Summary

On November 24, 2021, TowneBank (NASDAQ: TOWN) declared a fourth-quarter cash dividend of $0.20 per common share. This dividend will be payable on January 12, 2022, to shareholders recorded by December 30, 2021. The future dividend amounts are contingent on the Board's approval and regulatory conditions. As of September 30, 2021, TowneBank reported total assets of $15.81 billion, positioning itself as a key player in Virginia's banking sector.

Positive

• Declared a cash dividend of $0.20 per share, enhancing shareholder income.
• Total assets of $15.81 billion indicate a robust financial position.

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• None.

SUFFOLK, Va., Nov. 24, 2021 (GLOBE NEWSWIRE) -- Hampton Roads based TowneBank (NASDAQ: TOWN) announced today that its Board of Directors on November 24, 2021 declared its fourth-quarter shareholder cash dividend of $0.20 per common share payable on January 12, 2022 to shareholders of record on December 30, 2021.

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 mission 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 $15.81 billion as of September 30, 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 declared cash dividend for TowneBank in Q4 2021?

TowneBank declared a cash dividend of $0.20 per share for Q4 2021.

When will the TowneBank dividend be paid?

The dividend will be paid on January 12, 2022.

What is the record date for the TowneBank dividend?

The record date for the dividend is December 30, 2021.

How are future dividends determined for TowneBank?

Future dividends are subject to approval by the Board of Directors and regulatory restrictions.

What are the total assets of TowneBank as of September 30, 2021?

TowneBank reported total assets of $15.81 billion as of September 30, 2021.