TowneBank Celebrates Silver Anniversary at Annual Meeting

By: Barrett Baker, CoVaBiz Magazine

This spring, nearly 1,000 people gathered at the Virginia Beach Convention Center for a special 25^th anniversary annual meeting of TowneBank shareholders. Executive chairman Bob Aston opened the meeting reflecting upon the bank’s humble beginnings in 1998 when a group of renowned community bankers met in a room over Aston’s garage at his home in Portsmouth to discuss the future of a community financial institution that would eventually open its doors on April 8, 1999.

“As a founding employee of TowneBank from ‘Bob’s garage,’ it was truly thrilling to attend our annual meeting in May, where we celebrated 25 years with record attendance,” says Dawn Glynn, president and chief experience officer of TowneBank. “From the beginning, shareholder engagement has been a constant, from in-person gatherings to Bob’s personalized Chairman’s Report letter to our TowneToday newsletter. This bank was built on the investment of 4,000 local shareholders. They are part of our family, and the annual meeting is an exciting time to gather each year.”

“This year, we celebrated our beginnings and looked toward a bright future, focusing on the strength of our member relationships and community partnerships that enrich the lives of others,” Glynn continues. “Bob spoke at length about the special, high-touch brand of banking that started in Hampton Roads and which now extends to Richmond, the Outer Banks, Charlotte, Greensboro, Greenville and the Raleigh area. He shared quotes from members in every market who remarked about the culture of caring at TowneBank. We also celebrated that Towne Insurance is now the largest bank-owned insurance company in the nation, another boon for our local economies. We continue to invest in innovative solutions that enhance the convenience and accessibility of our financial services, and in our most accessible resource of all—our people.”

The day’s events included a variety of activities, from Aston’s introduction, recognition of the founding officers and employees, and a tribute to shareholders, to new president and CEO Billy Foster’s overview of the company and how it is positioned for success over the next quarter century.

Other agenda items for the day included:

• A celebration of the contributions of Judge Richard S. Bray, who served as lead director when elected to TowneBank’s corporate board in 2006, while also serving on the bank’s Chesapeake, Currituck, and Towne Financial Services Group boards over his tenure.
• The election of new directors and other shareholder votes, and the recognition of two retiring corporate directors, Bradford L. Cherry and Jacqueline B. Amato.
• A gift of $25,000 to Habitat for Humanity, which will be shared by ten locations across Virginia and North Carolina. Frank Hruska, executive director of Habitat for Humanity of South Hampton Roads was on hand to celebrate the donation.
• The introduction of 12 LEAD Associates, recent college graduates who joined TowneBank in 2023 to start a three-year learning and development program to become future leaders of the bank.

The bank's success over the past 25 years was summarized by Doug Ellis, one of the founding directors of TowneBank and the current Virginia Beach board chair. “Last year’s bank failures, and the challenging bank environment today underscore our remarkable growth and results over the last 25 years. The genuine sentiment expressed by everyone at the retirement of several longtime officers and directors reflects the culture of caring and respect that is TowneBank's trademark.”

“Our Shareholders meetings always showcase the large local investor ownership,” Ellis continues. "Twenty-five years ago, many of these stockholders put their confidence in Bob Aston and in thirteen others by buying shares in TowneBank. They’ve been richly rewarded with consistent earnings growth, and a solid balance sheet. These factors will enable their investments to grow over the next twenty-five years.”