TowneBank Announces Quarterly Cash Dividend

Rhea-AI Summary

TowneBank (NASDAQ: TOWN) announced a 15% increase in its quarterly cash dividend, declaring $0.23 per common share. This dividend is payable on July 12, 2022 to shareholders of record as of June 30, 2022. This raises the annual dividend to $0.92 per share. The future dividends will depend on the Board of Directors' approval and regulatory restrictions. As of March 31, 2022, TowneBank holds $16.67 billion in total assets, making it one of Virginia's largest banks.

Positive

• 15% increase in quarterly cash dividend to $0.23 per share.
• Annual dividend raised to $0.92 per share, enhancing shareholder value.
• Strong asset base of $16.67 billion indicates financial stability.

Negative

• None.

Common Stock Dividend Increased By 15%

SUFFOLK, Va., May 25, 2022 (GLOBE NEWSWIRE) -- Hampton Roads based TowneBank (NASDAQ: TOWN) announced today that its Board of Directors on May 24, 2022 declared its second-quarter shareholder cash dividend of $0.23 per common share payable on July 12, 2022 to shareholders of record on June 30, 2022. The quarterly common stock cash dividend of $0.23 per common share, or $0.92 per common share on an annual basis, is a 15.0% 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 focus 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 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 $16.67 billion as of March 31, 2022, 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 new dividend amount for TOWN stock?

The new dividend amount for TOWN stock is $0.23 per common share.

When will the TOWN dividend be paid?

The TOWN dividend will be paid on July 12, 2022.

What is the record date for the TOWN dividend?

The record date for the TOWN dividend is June 30, 2022.

How much is the annual dividend for TOWN stock after the increase?

The annual dividend for TOWN stock is now $0.92 per share after the increase.

Will future dividends for TOWN be declared?

Yes, future dividends are subject to Board approval and regulatory restrictions.