Townebank Announces Quarterly Cash Dividend

Rhea-AI Summary

TowneBank (NASDAQ: TOWN) declares a fourth-quarter shareholder cash dividend of $0.25 per common share, payable on January 12, 2024, to shareholders of record on December 29, 2023. Future dividends are subject to Board of Directors' approval and regulatory restrictions.

Positive

• Consistent dividend payments reflect financial stability and commitment to shareholders.

Negative

• Future dividends are subject to Board of Directors' approval and regulatory restrictions, which may impact shareholder returns.

SUFFOLK, Va., Nov. 29, 2023 (GLOBE NEWSWIRE) -- Hampton Roads based TowneBank (NASDAQ: TOWN) announced today that its Board of Directors declared its fourth-quarter shareholder cash dividend of $0.25 per common share payable on January 12, 2024, to shareholders of record on December 29, 2023.

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, TowneBank values all employees and members by embracing their diverse talents, perspectives, and experiences.

TowneBank operates over 45 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. TowneBank 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. TowneBank has grown its capabilities beyond banking to provide expertise through its affiliated companies that include Towne Wealth Management, Towne Insurance Agency, Towne Benefits, TowneBank Mortgage, TowneBank Commercial Mortgage, Berkshire Hathaway HomeServices RW Towne Realty, Towne 1031 Exchange, LLC, and Towne Vacations. With total assets of $16.68 billion as of September 30, 2023, TowneBank is one of the largest banks headquartered in Virginia.

Media contact:
G. Robert Aston, Jr., Executive Chairman, 757-638-6780
William I. Foster III, President and Chief Executive Officer, 757-417-6482

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

 

FAQ

What is the dividend amount declared by TowneBank (NASDAQ: TOWN) for the fourth quarter?

TowneBank (NASDAQ: TOWN) declared a cash dividend of $0.25 per common share for the fourth quarter.

When will the dividend be payable to shareholders of TowneBank (NASDAQ: TOWN)?

The dividend will be payable on January 12, 2024, to shareholders of record on December 29, 2023.

Are future dividends of TowneBank (NASDAQ: TOWN) guaranteed?

Future dividends are subject to Board of Directors' approval and regulatory restrictions, which may impact shareholder returns.