TowneBank Announces Quarterly Cash Dividend

Rhea-AI Summary

TowneBank (NASDAQ: TOWN) declared a first-quarter cash dividend of $0.18 per common share, payable on April 9, 2021, for shareholders of record as of March 30, 2021. The dividend's amount and future declarations are subject to approval from the Board of Directors and regulatory limitations. Established in 1999, TowneBank offers comprehensive banking services and aims to enrich the lives of its customers while promoting economic growth in the communities it serves. As of December 31, 2020, the bank reported total assets of $14.63 billion.

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• Declared a cash dividend of $0.18 per share, signaling confidence in financial performance.
• Total assets of $14.63 billion indicate strong market position.

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• None.

SUFFOLK, Va., March 02, 2021 (GLOBE NEWSWIRE) -- Hampton Roads based TowneBank (NASDAQ: TOWN) announced today that its Board of Directors on February 24, 2021 declared its first-quarter shareholder cash dividend of $0.18 per common share payable on April 9, 2021 to shareholders of record on March 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 $14.63 billion as of December 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 cash dividend of $0.18 per common share.

When will the dividend be paid to shareholders?

The dividend will be payable on April 9, 2021.

What is the record date for the dividend payment?

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

Are future dividends guaranteed for TowneBank?

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