Townebank Announces Quarterly Cash Dividend
May 23 2018 - 11:30AM
TowneBank (NASDAQ:TOWN) announced today that its Board of Directors
on May 22, 2018 declared its second-quarter shareholder cash
dividend of $0.16 per common share payable on July 10, 2018 to
shareholders of record on June 29, 2018. The quarterly
common stock cash dividend of $0.16 per common share, or $0.64 per
common share on an annual basis, is a 14.3% increase from the
previous dividend rate.
The amount and declaration of future cash dividends are subject
to Board of Directors’ approval in addition to regulatory
restrictions.
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 $10.62 billion as of March
31, 2018, TowneBank is one of the largest banks headquartered in
Virginia.
Media contact:G. Robert Aston, Jr., Executive
Chairman, 757-638-6780J. Morgan Davis, President and Chief
Executive Officer, 757-673-1673
Investor contact:William B. Littreal, Chief
Financial Officer, 757-638-6813
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