TowneBank Announces Retirement of Chief Financial Officer
February 06 2018 - 8:00AM
Hampton Roads based TowneBank (the “bank” or “company”)
(NASDAQ:TOWN) announced today the upcoming retirement of the bank’s
founding Chief Financial Officer, Clyde E. McFarland, Jr., that is
expected to be effective in March 2018.
Mr. McFarland joined the TowneBank organizers
operating from the Aston family garage on a part-time basis in the
fall of 1998 and joined the bank full time on March 1, 1999.
He has served as the company’s Chief Financial Officer since that
time.
“Clyde has played an extraordinary role in the
birthing and growth of Towne into the $10 billion asset company it
is today,” said G. Robert Aston, Jr., the company’s founding
Chairman and Chief Executive Officer. “During our careers
together at two different banks, Clyde and I have worked side by
side for nearly thirty years. His impact on the success of
Towne as well as his contribution to the personal and professional
success of so many people in our company, including yours truly,
cannot possibly be overstated,” added Aston.
In order to fully ensure a high level of
continuity in the financial management of the company as it plans
for the next decade of growth, Mr. McFarland will be retained by
the company on a consulting basis through March 2022 to assist with
those efforts. He will also serve as a member of the
TowneBank Outer Banks Board of Directors in Southern Shores, North
Carolina where he maintains a seasonal residence.
“Here at Towne, we are blessed with a deep and
extraordinarily talented financial management and leadership team.
We anticipate naming a successor to the Chief Financial Officer
position prior to Mr. McFarland’s retirement,” said Aston.
About TowneBank
As one of the top community banks in Virginia
and North Carolina, TowneBank operates 40 banking offices serving
Chesapeake, Chesterfield County, Glen Allen, Hampton, James City
County, Mechanicsville, Newport News, Norfolk, Portsmouth,
Richmond, Suffolk, Virginia Beach, Williamsburg, and York County in
Virginia, along with Raleigh, Cary, Charlotte, Moyock, Grandy,
Camden County, Southern Shores, Corolla and Nags Head in North
Carolina. Towne also offers a full range of financial
services 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. Local
decision-making is a hallmark of its hometown banking strategy that
is delivered through the leadership of each group’s President and
Board of Directors. With total assets of $8.52 billion
as of December 31, 2017, TowneBank is one of the largest banks
headquartered in Virginia. Based on financial data as of
September 30, 2017 and reflecting the recently completed merger
with Paragon Commercial Corporation, TowneBank would have total
assets of $10.5 billion, gross loans of $7.3 billion and
total deposits of $7.8 billion.
For more information contact:G.
Robert Aston, Chairman and CEO, 757-638-6780William B. Littreal,
Chief Strategy and Investor Relations Officer, (757) 638-6813
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