TowneBank Announces Appointment of Corporate Management Group
March 29 2018 - 3:33PM
Hampton Roads based TowneBank (the “bank” or “company”)
(NASDAQ:TOWN) announced today the approval of a new Corporate
Management Group designed to construct and implement the first
phase of a growth continuation strategy to prepare the company for
the next decade of growth.
Under the new team-based structure, Founding
Chairman of the Board and Chief Executive Officer, G. Robert Aston,
Jr., has assumed the newly created position of Executive Chairman
of the Board with continued responsibility for corporate strategy,
corporate governance, marketing and human resources.
J. Morgan Davis, currently President and Chief
Banking Officer, has assumed the additional role of Chief Executive
Officer with overall responsibility for corporate growth and
profitability. Mr. Davis, also one of the bank’s founding
officers, has previously served as President and Chief Executive
Officer of Towne Financial Services and as President of TowneBank
of Virginia Beach.
Brad E. Schwartz, Senior Executive Vice
President and Chief Operating Officer, will team with Mr. Davis in
managing the daily activities of the company along with expanded
executive responsibility for the advancement of corporate
innovation and the enhancement of the bank’s digital delivery
systems. Prior to joining the Towne family in 2016, he served as
Chief Executive Officer of Monarch Bank, headquartered in Hampton
Roads.
William B. Littreal has joined the Corporate
Management Group in his new role as Senior Executive Vice President
and Chief Financial Officer and will continue in his Investor
Relations position.
The company expects to make a number of other
executive appointments for several other members of the senior
management team as the company further aligns its enhanced
management structure in preparation for the future.
“With these changes, our long-term Management
Succession Plan can continue to evolve over the next few
years. Importantly, each of our Corporate Management Group
members has agreed to an amendment to their employment agreements
extending the term of those agreements through December 31, 2021,”
said G. Robert Aston, Jr., Executive Chairman of the Board of
Directors. “Our Towne family is blessed with an extraordinary level
of talent throughout the organization, including our new Paragon
Bank team members, and they are well prepared to assume additional
leadership roles building our pathway to the future,” concluded
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, Jr., Executive Chairman,
757-638-6780William B. Littreal, Senior Executive Vice President
and CFO, 757-638-6813
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