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TowneBank Added to Membership of Russell Indexes

July 01, 2008

News Release

FOR IMMEDIATE RELEASE
For more information contact:

G. Robert Aston, Chairman and CEO, 638-6780

Suffolk, Va.  – July 1, 2008 - TowneBank was added to the U.S. broad-market Russell 3000(R) Index after the equity markets closed on June 27 as Russell Investments reconstituted its comprehensive family of global indexes. Membership in the Russell 3000, which remains in place for one year, means automatic inclusion in either the small-cap Russell 2000(R) Index or large-cap Russell 1000(R) Index as well as the appropriate growth and value indexes.
 

“From our humble beginnings in my garage nine years ago, our selection in the Russell 3000 Index seems surreal,” said G. Robert Aston, Jr., Chairman and CEO. “It clearly stands as a tribute to the Hampton Roads community, our investors, and our loyal dedicated members of the Towne family.”

The Russell 3000 also serves as the U.S. component to the Russell Global Index, which Russell launched last year.

Russell indexes are widely used by investment managers and institutional investors for index funds and as benchmarks for both passive and active investment strategies. An industry-leading $4.4 trillion in assets currently are benchmarked to them. These investment tools originated from Russell’s multi-manager investment business in the early 1980s when the company saw the need for a more objective, market-driven set of benchmarks in order to evaluate outside investment managers.

Real-time market analysis on the Russell 3000 and other Russell Indexes is available at http://www.russell.com/Indexes/performance/real_time_market_analysis.asp.

About Russell: Russell Investments aims to improve financial security for people by providing strategic advice, world-class implementation, state-of-the-art performance benchmarks, and a range of institutional-quality investment products. With more than $213 billion in assets under management, Russell serves individual, institutional and advisor clients in more than 40 countries. Russell provides access to some of the world’s best money managers. It helps investors put this access to work in corporate defined benefit and defined contribution plans, and in the life savings of individual investors. Headquartered in Tacoma, Wash., Russell has principal offices in Amsterdam, Auckland, Hong Kong, Johannesburg, London, Melbourne, New York, Paris, San Francisco, Seoul, Singapore, Sydney, Tokyo and Toronto.

About TowneBank: As one of Virginia’s top community banks, TowneBank now operates 17 banking offices in Chesapeake, Hampton, Portsmouth, Newport News, Virginia Beach, Norfolk, Williamsburg and York County. 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, GSH Real Estate Corporation, Corolla Classic Vacations and Corolla Real Estate. Through its strategic partnership with William E. Wood and Associates, and Prudential McCardle, the bank also offers mortgage services in all of the offices of both companies in Hampton Roads and Northeastern North Carolina. 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 $2.65 billion as of March 31, 2008, TowneBank is the largest bank headquartered in Hampton Roads

For more information on Russell indexes, go to www.russell.com.

 

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