Towne Insurance Agency Announces Expanded Executive Management Team and Naming of New President and Chief Executive Officer

Rhea-AI Summary

TowneBank (Nasdaq: TOWN) has expanded its Executive Management Team at its subsidiary, Towne Insurance Agency, to enhance strategic growth in Virginia, North Carolina, and the southeastern U.S. Effective February 16, 2021, W. Douglas Russell was appointed President and CEO, succeeding F. Dudley Fulton, who will become President Emeritus. With over 35 years in the insurance industry, Russell aims to build on Towne Insurance's success, which reported over $78 million in revenue, making it the fifth largest bank-owned insurance agency in the U.S.

Positive

• Appointment of W. Douglas Russell as President and CEO to drive strategic growth.
• Towne Insurance is the fifth largest bank-owned insurance agency in the U.S. with over $78 million in revenue.

Negative

• None.

SUFFOLK, Va., Feb. 19, 2021 (GLOBE NEWSWIRE) -- TowneBank (Nasdaq: Town) today reported that its wholly-owned insurance brokerage subsidiary, Towne Insurance Agency, has expanded its Executive Management Team in a move designed to accelerate the strategic development of the agency throughout Virginia, North Carolina and the southeastern United States.

Effective February 16, 2021, W. Douglas Russell joined the Towne Insurance team as President and Chief Executive Officer, succeeding F. Dudley Fulton who will remain with the company as President Emeritus serving in a consulting capacity focused on agency acquisitions.

Russell, 58 years of age with over 35 years of insurance industry experience, has held leadership positions with Henderson & Phillips, Inc., USI Insurance Services, Thomas Rutherfoord, Inc., Marsh & McLennan Agency, and most recently as President of Core Assurance Partners headquartered in Virginia Beach, Virginia.

In addition to Russell, the expanded Executive Management team will consist of Christopher T. Rogerson, Chief Operating Officer; Richard P. Herzberg, President of Towne Benefits; Joseph D. Harrow, President of the Virginia Region of Towne Insurance; James E. Clement, Jr., President of the North Carolina and South Carolina Region of Towne Insurance; and B. Boyd Griffin, Jr, Executive Vice President and Chief Financial Officer.

Under Fulton’s leadership, Towne Insurance has grown to be the fifth largest bank-owned insurance agency in the United States with over $78 million in revenue. “I continue to be excited about the future of our agency, and I can’t think of anyone better than Doug to lead Towne Insurance into the future,” said Fulton. “I am looking forward to my new role assisting him in our continued quest to acquire top notch agencies across our footprint.”

“It is an honor to be selected to lead this extraordinary organization,” added Russell. “I know many of the Towne team members and have always admired and respected all insurance professionals associated with our company. I am humbled and excited about the opportunity to continue to build on the tremendous legacy that Dudley and the Towne Insurance team have built.”

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.

About Towne Insurance:

Towne Insurance, a wholly owned subsidiary of TowneBank, is a premier insurance agency providing comprehensive solutions and risk management programs to businesses of all sizes, including property and casualty insurance, workers’ compensation, bonding, employee benefits and more. Additionally, personal lines agents specialize in home, auto, umbrella and flood insurance. Headquartered in Hampton Roads in southeastern Virginia, and serving communities across Virginia, North Carolina, and South Carolina, Towne’s over 400 experienced professionals work with the nation’s top-rated insurance companies to find members the right coverage at a competitive price. For more information, visit www.TowneInsurance.com.

For more information, contact:
Sara Jo Rubin, Rubin Communications Group, 757-456-5212

FAQ

What recent changes occurred in the management of Towne Insurance?

Towne Insurance appointed W. Douglas Russell as President and CEO on February 16, 2021, succeeding F. Dudley Fulton.

Who is the new CEO of Towne Insurance?

W. Douglas Russell is the new President and CEO of Towne Insurance.

What position will F. Dudley Fulton hold after stepping down as CEO?

F. Dudley Fulton will become President Emeritus, focusing on agency acquisitions.

How much revenue does Towne Insurance generate?

Towne Insurance reported over $78 million in revenue, making it the fifth largest bank-owned insurance agency in the U.S.

What is the significance of the changes in Towne Insurance's management team?

The changes aim to accelerate strategic development and growth of the agency throughout the southeastern U.S.