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 will continue to hold until his successor is appointed.
"Morgan has played an instrumental role in the launch and steep growth trajectory of Towne into the $16 billion asset company it is today," said G. Robert Aston, Jr., the Company's founding Chairman and Chief Executive Officer and current Executive Chairman. "His impact on the success of Towne as well as his contribution to the personal and professional success of so many of our Towne family members, including most notably my own, is simply beyond measure."
Mr. Davis added, "Helping start and grow Towne over the past 23 years has been an incredibly satisfying and exciting journey. I cannot thank enough all of my Towne family and the many members of the communities we serve who have helped me in this most wonderful time of my life. Most especially, I thank my friend Bob Aston who always brings out the very best in those around him. I look forward to watching our amazing team continue our mission of serving others and enriching lives."
Consistent with the Company's management succession plan, its Board of Directors is leading the succession planning process and has formed a management succession committee. In addition to directing the search for Mr. Davis' successor, the committee has been tasked with conducting a comprehensive review and assessment of the Company's long-term management succession plan for its senior leadership management structure. Mr. Aston added, "Our Towne family is blessed to have an extraordinary group of leaders throughout the Company. As with any team, it is simply a matter of matching the right talent with the appropriate role."
To ensure a high level of executive management continuity, the Company also reported that Mr. Aston has re-affirmed his intent to continue to serve as Executive Chairman of the Company for the remaining three-year term of his employment agreement.
About TowneBank:
Founded in 1999, TowneBank is a company built on relationships, offering a full range of banking and other financial services, with a mission of serving others and enriching lives. Dedicated to a culture of caring, Towne values all employees and members by embracing their diverse talents, perspectives, and experiences.
Today, the bank operates over 40 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. Towne 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. Towne has grown its capabilities beyond banking to provide expertise 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. With total assets of $16.36 billion as of December 31, 2021, TowneBank is one of the largest banks headquartered in Virginia.
Forward-Looking Statements:
This press release contains certain forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not historical facts, but instead represent only the beliefs, expectations, or opinions of TowneBank and its management regarding future events, many of which, by their nature, are inherently uncertain. Forward-looking statements may be identified by the use of such words as: "believe," "expect," "anticipate," "intend," "plan," "estimate," or words of similar meaning, or future or conditional terms, such as "will," "would," "should," "could," "may," "likely," "probably," or "possibly." These statements may address issues that involve significant risks, uncertainties, estimates, and assumptions made by management. Any forward-looking statements made by us or on our behalf speak only as of the date they are made or as of the date indicated, and we do not undertake any obligation to update forward-looking statements as a result of new information, future events, or otherwise. For information on the factors that could materially influence forward-looking statements included in this release, see the "Risk Factors" in TowneBank's Annual Report on Form 10-K for the year ended December 31, 2020 and related disclosures in other filings that have been, or will be, filed by TowneBank with the Federal Deposit Insurance Corporation.
For more information, contact:
G. Robert Aston, Jr. 757-638-6780
William B. Littreal 757-638-6813
