TowneBank Continues Expansion Into Insurance
January 04, 2010
SUFFOLK, Va. (GLOBE NEWSWIRE) -- Hampton Roads based TowneBank (Nasdaq:TOWN) and the Taylor Johnson Insurance Group jointly announced today the closing of a business combination where the Taylor Johnson Group will affiliate with Towne Insurance Agency, a wholly owned subsidiary of TowneBank.
Taylor Johnson Group, headquartered in Virginia Beach, Virginia was established in 1922 and is one of the most respected names in the insurance market place. It currently employs 36 insurance, employee benefits, and risk management professionals and serves a distinguished client list throughout Hampton Roads and beyond.
Towne Insurance Agency was formed in 2001 when Kellam, Eaton and Huey and the Chesapeake Agency joined together to lead the entry of TowneBank into the insurance business. Since then, five other agencies have affiliated with Towne including TFA Benefits, the Brooks Agency, Johnson and West, Benefit Design Group and the Weber-Pyle Agency. With the Taylor Johnson Group affiliation, Towne Insurance will rank in the top twenty bank-owned insurance agencies in the country.
W. Taylor Johnson, Jr., Chairman and CEO of Taylor Johnson Group commented, "We are excited to become part of the Towne family. TowneBank's focus on friendships and relationships combined with outstanding support of the community fits perfectly with our legacy of exquisite personal service to our clients."
"The affiliation of Taylor Johnson will enable our insurance agency to expand the services available to our bank and insurance clients and position us as a full service provider of risk management services," said J. Morgan Davis, President and CEO of Towne Financial Services Group. "I am particularly pleased with the quality and professionalism of the Taylor Johnson staff," added G. Robert Aston, Jr., Chairman and CEO of TowneBank. "Our insurance management team will be led by Brad S. Moses as President and CEO, James P. Bradner as President of our Small Business and Personal Lines Group and Jack L. Frieden as President of TFA Benefits, our employee benefits agency."
As one of Virginia's top community banks, TowneBank now operates 18 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, Prudential Towne Realty, Towne 1031 Exchange, LLC, Corolla Classic Vacations and Corolla Real Estate. Through its strategic partnership with William E. Wood and Associates, the bank also offers mortgage services in all of their 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 $3.58 billion as of September 30, 2009, TowneBank is one of the largest banks headquartered in Virginia.
This release may contain forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. These statements may address issues that involve significant risks, uncertainties, estimates and assumptions made by management. Factors that may cause actual results to differ materially from those contemplated by such forward-looking statements include competitive pressures in the banking industry that may increase significantly, changes in the interest rate environment may reduce margins and/or the volumes and values of loans made or held as well as the value of other financial assets held, general economic conditions, either nationally or regionally, may be less favorable than expected, resulting in, among other things, a deterioration in credit quality and/or a reduced demand for credit or other services, changes in the legislative or regulatory environment, including changes in accounting standards, may adversely affect our businesses, costs or difficulties related to the integration of the business and the businesses we have acquired may be greater than expected, expected cost savings associated with pending or recently completed acquisitions may not be fully realized or realized within the expected time frame, our competitors may have greater financial resources and develop products that enable them to compete more successfully, changes in business conditions, changes in the securities market and changes in our local economy with regards to our market area and its heavy concentration of U.S. military bases and related personnel. We assume no obligation to update information contained in this release.
CONTACT: TowneBank J. Morgan Davis, President, Towne Financial Services Group (757) 473-2514 G. Robert Aston, Chairman and CEO (757) 638-6780 Clyde E. McFarland, Jr., Senior Executive Vice President and CFO (757) 638-6801