TowneBank Announces Quarterly Cash Dividend

Rhea-AI Summary

TowneBank (NASDAQ: TOWN) has declared a third-quarter cash dividend of $0.20 per common share, payable on October 12, 2021 to shareholders of record on September 30, 2021. This decision reflects the bank's commitment to returning value to its shareholders. However, the amount and future dividend declarations are contingent upon Board approval and regulatory constraints. As of June 30, 2021, TowneBank holds total assets of $15.80 billion, making it one of Virginia's largest banks.

Positive

• Declaration of a third-quarter cash dividend of $0.20 per share.
• A solid asset base of $15.80 billion as of June 30, 2021.

Negative

• Future dividends are subject to Board and regulatory approval, indicating possible uncertainty in ongoing shareholder returns.

SUFFOLK, Va., Aug. 25, 2021 (GLOBE NEWSWIRE) -- Hampton Roads based TowneBank (NASDAQ: TOWN) announced today that its Board of Directors on August 25, 2021 declared its third-quarter shareholder cash dividend of $0.20 per common share payable on October 12, 2021 to shareholders of record on September 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 $15.80 billion as of June 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 dividend amount declared by TowneBank in August 2021?

TowneBank declared a dividend of $0.20 per common share.

When will the dividend be paid to shareholders?

The dividend will be payable on October 12, 2021.

What is the record date for the dividend payment?

The record date for the dividend payment is September 30, 2021.

Can future dividends be guaranteed by TowneBank?

No, future cash dividends are subject to Board approval and regulatory restrictions.

What are TowneBank's total assets as of June 30, 2021?

TowneBank has total assets of $15.80 billion.