TowneBank Announces Quarterly Cash Dividends
SUFFOLK, Va., Nov. 27, 2013 (GLOBE NEWSWIRE) -- Hampton Roads based TowneBank
(Nasdaq:TOWN) announced today that its Board of Directors on November 27, 2013
declared its fourth-quarter shareholder cash dividend of $0.10 per common
share payable on January 10, 2014 to shareholders of record on December 31,
Also, on November 27, 2013 the Board of Directors declared a cash dividend of
$2.50 per share on its Series C Fixed-Rate Non-Cumulative Perpetual Preferred
Stock. This preferred dividend is payable on January 2, 2014, to the
shareholder of record as of December 16, 2013. This is the ninth quarterly
dividend payment to the U.S. Department of the Treasury, the shareholder of
record, on the preferred stock issued to it by TowneBank under the Small
Business Lending Fund Program.
The amount and declaration of future cash dividends are subject to Board of
Directors' approval in addition to regulatory restrictions.
As one of the top community banks in Virginia and North Carolina, TowneBank
operates 27 banking offices serving Chesapeake, Hampton, Newport News,
Norfolk, Portsmouth, Suffolk, Virginia Beach, Williamsburg, James City County
and York County in Virginia along with Moyock, Grandy, Camden, Southern
Shores, Corolla and Kill Devil Hills in North Carolina. Towne also offers a
full range of financial services through its controlled divisions and
subsidiaries that include Towne Investment Group, Towne Insurance Agency, TFA
Benefits, TowneBank Mortgage, TowneBank Commercial Mortgage, Prudential Towne
Realty, Towne 1031 Exchange, LLC, and Corolla Classic 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 $4.57 billion as of September 30, 2013,
TowneBank is one of the largest banks headquartered in Virginia.
CONTACT: For more information contact:
G. Robert Aston, Chairman and CEO, (757) 638-6780
Clyde E. McFarland, Jr., Senior Executive Vice President and CFO
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