TowneBank (TOWN)

27.30 +0.27 (+1.00%) At close: 04:00PM EDT

TowneBank

5716 High Street
Portsmouth, VA 23703
United States
757 638 7500
https://www.townebank.com

Sector(s): Financial Services
Industry: Banks - Regional
Full Time Employees: 2,784

Key Executives

Name	Title	Pay	Exercised	Year Born
Mr. G. Robert Aston Jr.	Executive Chairman	1.41M	N/A	1945
Mr. William I. Foster III	CEO, President & Director	847.4k	N/A	1956
Mr. William B. Littreal	Senior EVP & CFO	903.11k	N/A	1970
Mr. William T. Morrison	President & CEO of TowneBank Financial Services Group and Director	488.61k	N/A	1963
Mr. R. Lee Clark	Senior Executive VP & COO	N/A	N/A	1968
Mr. Kevin L. Fly	Senior EVP & Chief Accounting Officer	N/A	N/A	1966
Mr. Denys J. Diaz	Senior EVP & Chief Information Officer	N/A	N/A	1967
Mr. George P. Whitley	Senior EVP & Chief Legal Officer	N/A	N/A	1953
Mr. Scott V. Williams	Executive VP and Director of Marketing & Member Experience	N/A	N/A	N/A
Mr. James P. Bradner	Executive Vice President of Towneinsurance	N/A	N/A	N/A

Amounts are as of December 31, 2022 and compensation values are for the last fiscal year ending on that date. Pay is salary, bonuses, etc. Exercised is the value of options exercised during the fiscal year. Currency in USD.

Description

TowneBank provides retail and commercial banking services for individuals, commercial enterprises, and professionals. The company operates through three segments: Banking, Realty, and Insurance. It accepts various deposits, 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 comprising alternative investments, annuities, margin accounts, convertible bonds, and pension and profit-sharing plans. Additionally, it provides residential real estate, relocation, property management, vacation rentals, and title and settlement services; and originates residential mortgage loans. The company also offers life, property, casualty, and vehicle insurance services; and employee benefit programs, such as health, dental, vision, and disability insurance. It operates in Richmond, Virginia, the Greater Hampton Roads region in southeastern Virginia, northeastern North Carolina, Raleigh, Charlotte, Greensboro, and Greenville, North Carolina. TowneBank was incorporated in 1998 and is based in Portsmouth, Virginia.

Corporate Governance

TowneBank’s ISS Governance QualityScore as of May 1, 2024 is 7. The pillar scores are Audit: 5; Board: 8; Shareholder Rights: 9; Compensation: 5.

Corporate governance scores courtesy of Institutional Shareholder Services (ISS). Scores indicate decile rank relative to index or region. A decile score of 1 indicates lower governance risk, while a 10 indicates higher governance risk.