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TowneBank Approved for Listing on the NASDAQ Global Select Market

October 04, 2007

News Release

FOR IMMEDIATE RELEASE
For more information contact:
G. Robert Aston, Jr., Chairman and CEO, 757-638-6780
Clyde E. McFarland, Jr., Senior Executive Vice President and CFO, 757-638-6801


Suffolk, Va. – TowneBank announced today that the NASDAQ Stock Market has approved the bank’s application for the company’s common stock to be listed on the NASDAQ Global Select Market under the trading symbol TOWN. 

Bank directors and officers have been invited to New York by NASDAQ officials to participate in the Closing Bell activities on October 9, 2007, the date that trading will begin.

“With bank assets now in excess of $2.5 billion and market capitalization of more than $400 million, the time is right for TowneBank to make its entrance into the National Market”, said G. Robert Aston, Jr., Chairman and Chief Executive Officer.

“Our shareholders should benefit from NASDAQ’s superior technology that delivers fast, high quality and low cost trade executions. We also believe the liquidity of our shares should be enhanced”, added R. Scott Morgan, President.

TowneBank, headquartered in Portsmouth, Virginia, was founded in a garage in 1999 and is now the largest community bank in the Hampton Roads Region of Virginia and includes the cities of Norfolk, Virginia Beach, Chesapeake, Williamsburg, Newport News, Hampton, Suffolk and Portsmouth. The bank currently operates 17 banking centers as well as Towne Insurance Agency, TFA Benefits, Towne Investment Services, TowneBank Mortgage and GSH Residential Real Estate.

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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