TowneBank Announces Insurance Acquisition
January 18, 2011
SUFFOLK, Va., -- Hampton Roads based TowneBank (Nasdaq:TOWN) announced today the closing of a business combination where W. T. Chapin Inc. insurance agency will affiliate with Towne Insurance Agency, a wholly owned subsidiary of TowneBank.
W. T. Chapin Insurance, headquartered in Newport News, Virginia was established in 1890 and is one of the most respected names in the insurance marketplace. The Company's insurance and risk management professionals provide a broad scope of insurance and bonding services to a distinguished client list throughout Hampton Roads.
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, six other agencies have affiliated with Towne including the Taylor Johnson Group, TFA Benefits, the Brooks Agency, Johnson and West, Benefit Design Group and the Weber-Pyle Agency.
Samuel E. Waddill, III, President of W. T. Chapin, Inc. commented, "We are excited for the opportunity to join the TowneBank family. TowneBank's focus on relationships and community spirit fits perfectly with our philosophy of superb personal service to our clients."
"I am particularly pleased to welcome W. T. Chapin Insurance to the Towne Family. The quality and professionalism of the Chapin staff will allow us to expand the services available to our bank and insurance clients while continuing our focus on providing exquisite service," added G. Robert Aston, Jr., Chairman and CEO of TowneBank.
As one of the top community banks in Virginia and North Carolina, TowneBank operates 26 banking offices serving Chesapeake, Hampton, Newport News, Norfolk, Portsmouth, Suffolk, Virginia Beach, Williamsburg, James City County and York County in Virginia, along with Moyock, Grandy, Camden, Southern Shores, Corolla and Kill Devil Hills in North Carolina. 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, and Corolla Classic Vacations. 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 $3.66 billion as of September 30, 2010, 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.
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