TowneBank Names Brad E. Schwartz President and Chief Operating Officer

Rhea-AI Summary

TowneBank (NASDAQ: TOWN) has appointed Brad Schwartz as President and COO, succeeding J. Morgan Davis, who will remain CEO. Schwartz, who joined Towne in 2016 with the Monarch Bank merger, has significantly contributed to enhancing operational capabilities, leading to more than doubled assets and earnings since his joining. The bank, founded in 1999, has over 40 offices in Virginia and North Carolina, boasting total assets of $15.80 billion as of June 30, 2021.

Positive

• Brad Schwartz's promotion reflects strong operational contributions since 2016.
• Company has doubled its assets and earnings since Schwartz's joining.
• TowneBank has a solid asset base of $15.80 billion.

Negative

• None.

SUFFOLK, Va., July 30, 2021 (GLOBE NEWSWIRE) -- TowneBank (NASDAQ: Towne) announced today that its Board of Directors has elected Brad Schwartz as President and Chief Operating Officer succeeding J. Morgan Davis who will continue to serve as Chief Executive Officer of the Company.

“Brad joined our Towne family in 2016 with the merger of Towne and Monarch Bank, where he served as Chief Executive Officer. Since that time, he has played a significant role in the enhancement of our operational capabilities as well as his contribution to the more than doubling of our company’s assets and earnings since 2016,” said G. Robert Aston, Jr., Executive Chairman of the Board of Directors.

Schwartz has a B.S. in Business Administration from Longwood University, a Master of Business Administration from University of Richmond and is a graduate of Stonier Graduate School of Banking at Georgetown University.

He is a past member of the Board of Directors of the Federal Reserve Bank of Richmond, the Board of Visitors of Longwood University, and is a current member of the Board of Directors of the Virginia Bankers Association.

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.

For more information, contact:

G. Robert Aston, Jr. 757-418-2700
J. Morgan Davis 757-681-1218

FAQ

Who is the new President and COO of TowneBank?

Brad Schwartz has been elected as the new President and COO of TowneBank.

What significant changes occurred at TowneBank on July 30, 2021?

TowneBank appointed Brad Schwartz as President and COO, succeeding J. Morgan Davis.

How has TowneBank's assets changed since 2016?

TowneBank's assets have more than doubled since Brad Schwartz joined in 2016.

What is the total asset value of TowneBank as of June 30, 2021?

TowneBank reported total assets of $15.80 billion as of June 30, 2021.