TowneBank Announces Quarterly Cash Dividend

Rhea-AI Summary

TowneBank (NASDAQ: TOWN) declared a second-quarter cash dividend of $0.20 per common share, payable on July 9, 2021, to shareholders of record on June 30, 2021. This marks an 11.11% increase from the previous dividend rate, bringing the annual dividend to $0.80 per share. The decision on future dividends will depend on the Board of Directors' approval and regulatory conditions. As of March 31, 2021, TowneBank reported total assets of $15.08 billion, making it one of Virginia's largest banks.

Positive

• Dividend increased by 11.11%, signaling financial strength.
• Annual dividend now stands at $0.80 per share, enhancing shareholder income.

Negative

• Potential future dividends are subject to Board approval and regulatory restrictions.

Common Stock Dividend Increased by 11%

SUFFOLK, Va., June 02, 2021 (GLOBE NEWSWIRE) -- Hampton Roads based TowneBank (NASDAQ: TOWN) announced today that its Board of Directors on June 1, 2021 declared its second-quarter shareholder cash dividend of $0.20 per common share payable on July 9, 2021 to shareholders of record on June 30, 2021. The quarterly common stock cash dividend of $0.20 per common share, or $0.80 per common share on an annual basis, is an 11.11% increase from the previous dividend rate.

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 $15.08 billion as of March 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, President and Chief Executive Officer, 757-673-1673

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

 

FAQ

What is the new dividend amount for TowneBank (TOWN)?

The new dividend amount for TowneBank is $0.20 per share.

When will TowneBank's dividend be paid?

TowneBank's dividend will be paid on July 9, 2021.

Who qualifies for the TowneBank dividend?

Shareholders of record on June 30, 2021, will qualify for the dividend.

How significant is the dividend increase for TowneBank?

The dividend increased by 11.11%, reflecting the bank's profitability.

What are the future dividend prospects for TowneBank (TOWN)?

Future dividends are subject to Board of Directors' approval and regulatory conditions.