TowneBank provides retail and commercial banking services for individuals, professionals, and commercial enterprises. The company operates in three segments: Banking, Realty, and Insurance. It accepts various deposits products, including demand deposits, savings accounts, money rate savings, certificates of deposit, and individual retirement accounts. The company also offers secured and unsecured personal loans for financing automobiles, home improvements, education, and personal investments; commercial loans for working capital, business expansion, and equipment and machinery purchases; and mortgage loans, as well as real estate acquisition, development, and construction loans. In addition, it provides other services, such as safe deposit boxes, treasury management services, direct deposit of payroll and social security checks, and automatic drafts for various accounts, as well as online, mobile, and on-call banking services. Further, the company offers documentation services to accomplish tax deferral to investors; investment and asset management services; commercial mortgage brokerage services; and other financial services, such as financial, retirement, and estate planning services, as well as assistance on various investment options, such as alternative investments, annuities, margin accounts, convertible bonds, and pension and profit sharing plans. Additionally, it provides residential real estate, relocation, property management, vacations rental, and title and settlement services; and originates residential mortgage loans. The company offers life, property, casualty, and vehicle insurance services; and employee benefit programs, such as health, dental, vision, and disability insurance. As of March 02, 2021, it operated approximately 40 banking offices in Central Virginia, as well as Northeastern and Central North Carolina. TowneBank was incorporated in 1998 and is headquartered in Portsmouth, Virginia.
IPO Year:
Exchange: NASDAQ
Website: townebank.com
| Date | Price Target | Rating | Analyst |
|---|---|---|---|
| 10/2/2024 | $35.00 → $40.00 | Mkt Perform → Outperform | Keefe Bruyette |
| 9/13/2023 | $23.00 | Equal-Weight | Stephens |
| 8/11/2023 | $27.00 | Market Perform | Hovde Group |
| 3/3/2023 | $34.00 | Outperform | Raymond James |
| 2/17/2023 | $34.00 | Overweight | Piper Sandler |
SUFFOLK, Va., March 27, 2024 (GLOBE NEWSWIRE) -- TowneBank (NASDAQ:TOWN) announced today that two long-serving members of its Board of Directors, Jacqueline B. Amato and Bradford L. Cherry, will step down from the Board and move to Emeritus status following the 2024 Annual Meeting of Shareholders. Cherry is a founding director of TowneBank, having served as a director since TowneBank's opening in 1999. Amato joined TowneBank in 2000 to lead its successful entry into the residential mortgage lending business and was appointed to the Board that same year. "Jackie and Brad have made an extraordinary contribution to the growth and success of TowneBank," said G. Robert Aston, Jr., TowneBan
SUFFOLK, Va., Nov. 23, 2022 (GLOBE NEWSWIRE) -- TowneBank (the "Company" or "Towne") (NASDAQ:TOWN) announced today that Brad E. Schwartz, Towne's president and chief operating officer, will retire from the Company on December 31, 2022. Mr. Schwartz also plans to step down as a director of the Company when his current term expires at the 2023 annual meeting of shareholders. Following his retirement at year end, Mr. Schwartz will serve as a senior advisor through 2025 to ensure a smooth transition of his roles and responsibilities. Mr. Schwartz joined Towne in 2016 as chief operating officer with the merger of Monarch Bank, where he served as chief executive officer since 2009. Mr. Schwartz
SUFFOLK, Va., April 14, 2022 (GLOBE NEWSWIRE) -- TowneBank (NASDAQ:TOWN) announced today that three long-serving members of its Board of Directors, E. Lee Baynor, Thomas C. Broyles and F. Lewis Wood, will not stand for re-election and will transition to Emeritus status following the 2022 Annual Meeting of Shareholders. "These founding directors have made an extraordinary contribution to the growth and success of TowneBank," said G. Robert Aston, Jr., TowneBank's Executive Chairman. "And while they will be stepping down as corporate directors, they will certainly not be stepping back as they will continue to provide their wise counsel and unwavering support in the years ahead through their
SUFFOLK, Va., Jan. 27, 2022 (GLOBE NEWSWIRE) -- TowneBank (the "Company" or "Towne") (NASDAQ:TOWN) announced today that J. Morgan Davis, a founding member of the Company and current Chief Executive Officer, plans to retire in 2022. In order to ensure a smooth and orderly transition process, Mr. Davis intends to remain in his current position until the appointment of his successor and will help with the transition as necessary, after which he will serve as a senior advisor to the Company. Mr. Davis has held a variety of key leadership roles at the Company since its founding in 1999, and served as President from 2011 through 2021, and as Chief Executive Officer since 2018, a position he wil
SUFFOLK, Va., Dec. 02, 2020 (GLOBE NEWSWIRE) -- Hampton Roads based TowneBank (NASDAQ: TOWN) announced today that its Board of Directors on December 2, 2020 declared its fourth-quarter shareholder cash dividend of $0.18 per common share payable on January 11, 2021 to shareholders of record on December 30, 2020. 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 42 banking offices serving Chesapeake, Chesterfield County, Glen Allen, Hampton, James City County, Mechanicsville, Newport News, Norfolk, Ports
SUFFOLK, Va., Oct. 23, 2024 (GLOBE NEWSWIRE) -- TowneBank (the "Company" or "Towne") (NASDAQ:TOWN) today reported earnings for the quarter ended September 30, 2024 of $42.95 million, or $0.57 per diluted share, compared to $44.86 million, or $0.60 per diluted share, for the quarter ended September 30, 2023. Excluding certain items affecting comparability, core earnings (non-GAAP) were $43.39 million, or $0.58 per diluted share, in the current quarter compared to $44.88 million, or $0.60 per diluted share, for the quarter ended September 30, 2023. "Our third quarter results continued to deliver increased net interest income and noninterest income contributions from our divers
SUFFOLK, Va. and MIDLOTHIAN, Va., Sept. 24, 2024 (GLOBE NEWSWIRE) -- Hampton Roads based TowneBank (NASDAQ:TOWN) and Village Bank and Trust Financial Corp. (NASDAQCM: VBFC) ("Village"), the parent company of Village Bank, today announced the signing of a definitive agreement and plan of reorganization pursuant to which TowneBank will acquire Village and Village Bank. The proposed transaction will enhance TowneBank's continued and growing presence in the Richmond MSA while providing opportunity for diverse revenue synergies with Towne Financial Services Group and strategic capital deployment. "Our TowneBank family is humbled and excited to partner with Village Bank and its team members,"
SUFFOLK, Va., Aug. 28, 2024 (GLOBE NEWSWIRE) -- Hampton Roads based TowneBank (NASDAQ:TOWN) announced today that its Board of Directors declared its third-quarter shareholder cash dividend of $0.25 per common share payable on October 11, 2024, to shareholders of record on September 30, 2024. 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 mem
SUFFOLK, Va., July 24, 2024 (GLOBE NEWSWIRE) -- TowneBank (the "Company" or "Towne") (NASDAQ:TOWN) today reported earnings for the quarter ended June 30, 2024 of $42.86 million, or $0.57 per diluted share, compared to $41.72 million, or $0.56 per diluted share, for the quarter ended June 30, 2023. Excluding certain items affecting comparability, core earnings (non-GAAP) were $42.56 million, or $0.57 per diluted share, in the current quarter, an increase of 10.10% compared to $38.66 million, or $0.52 per diluted share, for the quarter ended June 30, 2023. "TowneBank delivered another solid quarter of performance, reflective of the strength of our diversified operating model and conservativ
SUFFOLK, Va., May 29, 2024 (GLOBE NEWSWIRE) -- Hampton Roads based TowneBank (NASDAQ:TOWN) announced today that its Board of Directors declared its second-quarter shareholder cash dividend of $0.25 per common share payable on July 12, 2024, to shareholders of record on June 28, 2024. 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
SUFFOLK, Va., April 24, 2024 (GLOBE NEWSWIRE) -- TowneBank (the "Company" or "Towne") (NASDAQ:TOWN) today reported earnings for the quarter ended March 31, 2024 of $34.69 million, or $0.46 per diluted share, compared to $38.33 million, or $0.52 per diluted share, for the quarter ended March 31, 2023. Excluding acquisition-related items and the incremental FDIC special assessment, adjusted earnings (non-GAAP) for first quarter 2024 were $36.27 million, or $0.48 per diluted share, compared to $46.30 million, or $0.62 per diluted share, for first quarter 2023. "TowneBank had a solid start to the year with our continued focus on maintaining healthy levels of capital and liquidity. While we co
SUFFOLK, Va., March 27, 2024 (GLOBE NEWSWIRE) -- TowneBank (NASDAQ:TOWN) announced today that two long-serving members of its Board of Directors, Jacqueline B. Amato and Bradford L. Cherry, will step down from the Board and move to Emeritus status following the 2024 Annual Meeting of Shareholders. Cherry is a founding director of TowneBank, having served as a director since TowneBank's opening in 1999. Amato joined TowneBank in 2000 to lead its successful entry into the residential mortgage lending business and was appointed to the Board that same year. "Jackie and Brad have made an extraordinary contribution to the growth and success of TowneBank," said G. Robert Aston, Jr., TowneBan
SUFFOLK, Va., March 05, 2024 (GLOBE NEWSWIRE) -- TowneBank (NASDAQ:TOWN) is pleased to announce that TowneBank has appointed Sachin Shetty, Ph.D., to its Board of Directors. Dr. Shetty is an Executive Director for the Center for Secure and Intelligent Critical Systems and Professor with the Electrical and Computer Engineering Department at Old Dominion University, where he leads a research team focused on developing and integrating secure and intelligent technologies designed to ensure safe, reliable, and resilient critical infrastructure. Dr. Shetty, whose research interests lie at the intersection of computer networking, network security and machine learning, has published over 300 rese
SUFFOLK, Va., Feb. 28, 2024 (GLOBE NEWSWIRE) -- Hampton Roads based TowneBank (NASDAQ:TOWN) announced today that its Board of Directors declared its first-quarter shareholder cash dividend of $0.25 per common share payable on April 12, 2024, to shareholders of record on March 29, 2024. 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 membe
SUFFOLK, Va., Jan. 24, 2024 (GLOBE NEWSWIRE) -- TowneBank (the "Company" or "Towne") (NASDAQ:TOWN) today reported financial results for the full year and fourth quarter ended December 31, 2023. For the year ended December 31, 2023, earnings were $153.72 million, or $2.06 per diluted share, compared to $188.99 million, or $2.60 per diluted share, for the year ended December 31, 2022. Excluding acquisition-related items, an FDIC special assessment, and certain notable items, adjusted earnings (non-GAAP) for 2023 were $160.94 million, or $2.16 per diluted share, compared to $190.01 million, or $2.62 per diluted share, for 2022. Earnings in the fourth quarter of 2023 were $28.80 million, or $0
Keefe Bruyette upgraded Towne Bank from Mkt Perform to Outperform and set a new price target of $40.00 from $35.00 previously
Stephens initiated coverage of Towne Bank with a rating of Equal-Weight and set a new price target of $23.00
Hovde Group initiated coverage of Towne Bank with a rating of Market Perform and set a new price target of $27.00
Raymond James resumed coverage of Towne Bank with a rating of Outperform and set a new price target of $34.00
Piper Sandler resumed coverage of Towne Bank with a rating of Overweight and set a new price target of $34.00
Piper Sandler upgraded Towne Bank from Neutral to Overweight and set a new price target of $28.00 from $25.00 previously
SUFFOLK, Va., Oct. 23, 2024 (GLOBE NEWSWIRE) -- TowneBank (the "Company" or "Towne") (NASDAQ:TOWN) today reported earnings for the quarter ended September 30, 2024 of $42.95 million, or $0.57 per diluted share, compared to $44.86 million, or $0.60 per diluted share, for the quarter ended September 30, 2023. Excluding certain items affecting comparability, core earnings (non-GAAP) were $43.39 million, or $0.58 per diluted share, in the current quarter compared to $44.88 million, or $0.60 per diluted share, for the quarter ended September 30, 2023. "Our third quarter results continued to deliver increased net interest income and noninterest income contributions from our divers
SUFFOLK, Va., Aug. 28, 2024 (GLOBE NEWSWIRE) -- Hampton Roads based TowneBank (NASDAQ:TOWN) announced today that its Board of Directors declared its third-quarter shareholder cash dividend of $0.25 per common share payable on October 11, 2024, to shareholders of record on September 30, 2024. 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 mem
SUFFOLK, Va., July 24, 2024 (GLOBE NEWSWIRE) -- TowneBank (the "Company" or "Towne") (NASDAQ:TOWN) today reported earnings for the quarter ended June 30, 2024 of $42.86 million, or $0.57 per diluted share, compared to $41.72 million, or $0.56 per diluted share, for the quarter ended June 30, 2023. Excluding certain items affecting comparability, core earnings (non-GAAP) were $42.56 million, or $0.57 per diluted share, in the current quarter, an increase of 10.10% compared to $38.66 million, or $0.52 per diluted share, for the quarter ended June 30, 2023. "TowneBank delivered another solid quarter of performance, reflective of the strength of our diversified operating model and conservativ
SUFFOLK, Va., May 29, 2024 (GLOBE NEWSWIRE) -- Hampton Roads based TowneBank (NASDAQ:TOWN) announced today that its Board of Directors declared its second-quarter shareholder cash dividend of $0.25 per common share payable on July 12, 2024, to shareholders of record on June 28, 2024. 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
SUFFOLK, Va., April 24, 2024 (GLOBE NEWSWIRE) -- TowneBank (the "Company" or "Towne") (NASDAQ:TOWN) today reported earnings for the quarter ended March 31, 2024 of $34.69 million, or $0.46 per diluted share, compared to $38.33 million, or $0.52 per diluted share, for the quarter ended March 31, 2023. Excluding acquisition-related items and the incremental FDIC special assessment, adjusted earnings (non-GAAP) for first quarter 2024 were $36.27 million, or $0.48 per diluted share, compared to $46.30 million, or $0.62 per diluted share, for first quarter 2023. "TowneBank had a solid start to the year with our continued focus on maintaining healthy levels of capital and liquidity. While we co
SUFFOLK, Va., Feb. 28, 2024 (GLOBE NEWSWIRE) -- Hampton Roads based TowneBank (NASDAQ:TOWN) announced today that its Board of Directors declared its first-quarter shareholder cash dividend of $0.25 per common share payable on April 12, 2024, to shareholders of record on March 29, 2024. 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 membe
SUFFOLK, Va., Jan. 24, 2024 (GLOBE NEWSWIRE) -- TowneBank (the "Company" or "Towne") (NASDAQ:TOWN) today reported financial results for the full year and fourth quarter ended December 31, 2023. For the year ended December 31, 2023, earnings were $153.72 million, or $2.06 per diluted share, compared to $188.99 million, or $2.60 per diluted share, for the year ended December 31, 2022. Excluding acquisition-related items, an FDIC special assessment, and certain notable items, adjusted earnings (non-GAAP) for 2023 were $160.94 million, or $2.16 per diluted share, compared to $190.01 million, or $2.62 per diluted share, for 2022. Earnings in the fourth quarter of 2023 were $28.80 million, or $0
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 m
SUFFOLK, Va., Oct. 26, 2023 (GLOBE NEWSWIRE) -- TowneBank (the "Company" or "Towne") (NASDAQ:TOWN) today reported earnings for the quarter ended September 30, 2023 of $44.86 million, or $0.60 per diluted share, compared to $50.17 million, or $0.69 per diluted share, for the quarter ended September 30, 2022. "We were pleased to deliver a solid performance for the quarter which reflected the strength of our core deposit franchise, diversified revenue model and robust capital levels. TowneBank continues to retain and grow its leading 28% deposit market share position in our home market in the Hampton Roads region, along with maintaining a top tier position in the Richmond, Raleigh, and Charl
SUFFOLK, Va., Aug. 23, 2023 (GLOBE NEWSWIRE) -- Hampton Roads based TowneBank (NASDAQ:TOWN) announced today that its Board of Directors declared its third-quarter shareholder cash dividend of $0.25 per common share payable on October 13, 2023, to shareholders of record on September 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 m
Towne Bank (NASDAQ:TOWN) reported quarterly earnings of $0.57 per share which beat the analyst consensus estimate of $0.48 by 18.75 percent. This is a 9.62 percent increase over earnings of $0.52 per share from the same period last year. The company reported quarterly sales of $174.97 million which beat the analyst consensus estimate of $172.27 million by 1.57 percent. This is a 3.63 percent decrease over sales of $181.57 million the same period last year.
Towne Bank (NASDAQ:TOWN) reported quarterly Adj earnings of $0.42 per share which missed the analyst consensus estimate of $0.46 by 8.7 percent. This is a 35.38 percent decrease over earnings of $0.65 per share from the same period last year. The company reported quarterly sales of $155.55 million which missed the analyst consensus estimate of $164.67 million by 5.54 percent. This is a 11.27 percent decrease over sales of $175.31 million the same period last year.
Raymond James analyst Steve Moss maintains Towne Bank (NASDAQ:TOWN) with a Outperform and raises the price target from $28 to $32.
Towne Bank (NASDAQ:TOWN) reported quarterly earnings of $0.60 per share which beat the analyst consensus estimate of $0.49 by 22.45 percent. This is a 13.04 percent decrease over earnings of $0.69 per share from the same period last year. The company reported quarterly sales of $172.86 million which beat the analyst consensus estimate of $172.42 million by 0.26 percent. This is a 3.56 percent decrease over sales of $179.24 million the same period last year.
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Stephens & Co. analyst Russell Gunther initiates coverage on Towne Bank (NASDAQ:TOWN) with a Equal-Weight rating and announces Price Target of $23.