Our Annual Meeting of Shareholders
It was a beautiful May day when the TowneBank Shareholders gathered for the annual meeting at the Virginia Beach Convention Center.
Bob Aston, executive chairman, started the meeting off on a heartfelt note as he paid tribute to Morgan Davis, former TowneBank CEO. He presented a magnificently framed resolution to Morgan as a thanks for his many years of service and wherein he is designated Consultant Emeritus “so that he may continue to provide his insight and steadfast support in the years to come.
Next Bob shared a quote from Steve Forbes – “Your brand is the single most important investment you can make in your business.” He went on to explain that the TowneBank brand is based on: Trust, Humility, Passion, Generosity, Caring, Love, Empathy, and a Sense of Belonging.
Our brand drives our performance, and TowneBank continued to grow its market share in the regions we serve.
Bob then reviewed Towne’s performance focusing on a three-year period from 2019 through 2022.
Bob Aston, executive chairman, started the meeting off on a heartfelt note as he paid tribute to Morgan Davis.TowneBank has strong asset quality and strong capital position. He also emphasized that the bank surpasses the regulatory minimums for well-capitalized as set by the FDIC. Bob spent some time discussing the troubling news of failed banks. He noted these Foundations of Banking that exist between TowneBank and its members:
- Trust – a firm belief in the reliability of someone or something
- Respect – a feeling of deep admiration elicited by the abilities, qualities, or achievements
- Good faith – honesty and sincerity of intention
Finally, Bob announced the new annual dividend for shareholders at $1.00, an 8.7% increase.
Billy Foster, president and CEO, addressed the crowd at the Annual Meeting of Shareholders.
We look forward to seeing you again next year!
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