TowneBank Announces Retirement and Transition of President and Chief Operating Officer Roles

Rhea-AI Summary

TowneBank (Nasdaq: TOWN) announced that Brad E. Schwartz will retire as president and COO effective December 31, 2022. Schwartz, who joined Towne in 2016 following the Monarch Bank merger, will continue to serve as a senior advisor through 2025 to assist in the transition. The Board has appointed William (Billy) I. Foster III as the new president, who will also take over as CEO at year-end. TowneBank, with total assets of $15.95 billion as of September 30, 2022, operates over 40 banking offices in Virginia and North Carolina, emphasizing community-focused financial services.

Positive

• William (Billy) I. Foster III has been appointed as the new president and future CEO, indicating a planned leadership transition.
• TowneBank has experienced significant growth, doubling its assets over the past six years.

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• None.

SUFFOLK, Va., Nov. 23, 2022 (GLOBE NEWSWIRE) -- TowneBank (the “Company” or “Towne”) (Nasdaq: TOWN) announced today that Brad E. Schwartz, Towne’s president and chief operating officer, will retire from the Company on December 31, 2022. Mr. Schwartz also plans to step down as a director of the Company when his current term expires at the 2023 annual meeting of shareholders. Following his retirement at year end, Mr. Schwartz will serve as a senior advisor through 2025 to ensure a smooth transition of his roles and responsibilities.

Mr. Schwartz joined Towne in 2016 as chief operating officer with the merger of Monarch Bank, where he served as chief executive officer since 2009. Mr. Schwartz took on the role of president of the Company in July 2021.

“Our Towne family is deeply appreciative of the exceptional contribution Brad has made to the growth and prosperity of our Company. As our president and chief operating officer, he has provided executive leadership throughout the Company, along with leading the enhancement of our operational infrastructure to support a doubling of bank assets during the past six years,” said G. Robert Aston, Jr., executive chairman.

“I treasure my 18 years in Hampton Roads with both Towne and Monarch Bank, and 38 years in community banking in Virginia. I have decided to retire from banking full-time and focus on the next chapter of my life. I am proud of all that we accomplished during my tenure at both banks and am confident that Towne will continue to grow and prosper in the years ahead,” said Mr. Schwartz.

The Board of Directors approved today the appointment of William (Billy) I. Foster III to succeed Mr. Schwartz as president, which will be in addition to his new position as chief executive officer when he succeeds J. Morgan Davis also at year end.

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, TowneBank 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 $15.95 billion as of September 30, 2022, TowneBank is one of the largest banks headquartered in Virginia.

For more information, contact:
G. Robert Aston, Jr., Executive Chairman, 757-638-6780
Sara Jo Rubin, Rubin Communications Group, 757-456-5212

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

FAQ

When is Brad E. Schwartz retiring from TowneBank?

Brad E. Schwartz will retire on December 31, 2022.

Who will succeed Brad E. Schwartz as president of TowneBank?

William (Billy) I. Foster III will succeed Brad E. Schwartz as president.

What are TowneBank's total assets as of September 30, 2022?

TowneBank's total assets are $15.95 billion as of September 30, 2022.

What is TowneBank's focus in its banking services?

TowneBank focuses on serving communities with a full range of banking and financial services.

When will William I. Foster III become CEO of TowneBank?

William I. Foster III will become CEO at the end of this year, coinciding with Schwartz's retirement.