Townebank Announces Quarterly Cash Dividend

Common Stock Dividend Increased by 14%

SUFFOLK, Va., May 23, 2018 (GLOBE NEWSWIRE) -- 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, 757-638-6780
J. Morgan Davis, President and Chief Executive Officer, 757-673-1673

Investor contact:
William B. Littreal, Chief Financial Officer, 757-638-6813