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TowneBank Reports Third Quarter 2007 Financial Results and Operating Performance

October 23, 2007

Suffolk, Va. - Hampton Roads based TowneBank (NASDAQ: TOWN) reported net income of $5.99 million for the quarter ended September 30, 2007, with year-to-date earnings of $17.39 million. These increases reflected earnings growth of 8.54% and 11.85%, respectively. Third quarter earnings per share increased 9.09% to $0.24 per fully diluted share. For the nine-month period ended September 30, 2007, diluted per share earnings increased 11.29% to $0.69 per share.

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