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TowneBank Declares Fourth Quarterly Cash Dividend

November 28, 2007

News Release

FOR IMMEDIATE RELEASE
For more information contact:
G. Robert Aston, Jr., Chairman and Chief Executive Officer, (757) 638-6780
R. Scott Morgan, President and Senior Loan Officer (757) 638-6783
Clyde E. McFarland, Jr., Senior Executive Vice President and Chief Financial Officer (757) 638-6801

Suffolk, Va. – Hampton Roads based TowneBank (NASDAQ: TOWN) announced today that its Board of Directors on November 28, 2007 declared its fourth quarterly shareholder cash dividend of $0.08 per common share payable on January 10, 2008 to shareholders of record on December 31, 2007.

The amount and declaration of future cash dividends are subject to Board of Director’s approval in addition to regulatory restrictions.

G. Robert Aston, Jr., Chairman & Chief Executive Officer said, “We are pleased to declare our fourth quarterly dividend representing the expected continued financial success of our organization.”

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, Benefit Design Group, TowneBank Mortgage, TowneBank Commercial Mortgage and GSH Residential Real Estate Corporation. Through its strategic partnership with William E. Wood and Associates the bank also offers mortgage services in 21 of Wood’s offices 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 $2.48 billion as of September 30, 2007, TowneBank is the largest bank headquartered in Hampton Roads.

Cautionary Statement:
This release contains forward-looking statements as defined by federal securities laws. These statements may address issues that involve significant risks, uncertainties, estimates and assumptions made by management. Actual results could differ materially from current projections or historic results. Interim results are not indicative of future results and amounts could vary.
 

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