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Towne News

TowneBank Stock Offering Tops $43 Million 8.1.2008
Suffolk, Va. - August 1, 2008 - TowneBank (NASDAQ symbol: TOWN) reported overwhelming shareholder and member response to the bank's new $30 Million Preferred Stock Offering. As of 4:00 p.m. August 1, 2008, the bank has received confirmed subscriptions totaling $43.4 million.
TowneBank Announces $25 Million Preferred Stock Offering 7.24.2008
Suffolk, Va. - Hampton Roads based TowneBank (NASDAQ: TOWN) announced today the offering of up to 250,000 shares of its 8% Non-Cumulative Convertible Preferred Stock, Series A.
TowneBank Reports Second Quarter 2008 Financial Results and Operating Performance 7.16.2008
Suffolk, Va. - Hampton Roads based TowneBank (NASDAQ: TOWN) reported stable earnings performance for the quarter ended June 30, 2008. Net income increased 2.29% to $6.04 million as compared to $5.91 million for the comparable reporting period last year.
TowneBank Added to Membership of Russell Indexes 7.1.2008
Suffolk, Va. - July 1, 2008 - TowneBank was added to the U.S. broad-market Russell 3000(R) Index after the equity markets closed on June 27 as Russell Investments reconstituted its comprehensive family of global indexes. Membership in the Russell 3000, which remains in place for one year, means automatic inclusion in either the small-cap Russell 2000(R) Index or large-cap Russell 1000(R) Index as well as the appropriate growth and value indexes.
TowneBank Announces Quarterly Cash Dividend 5.28.2008
Suffolk, Va.- Hampton Roads based TowneBank (NASDAQ: TOWN) announced today that its Board of Directors on February 27, 2008 declared its first-quarter shareholder cash dividend of $0.08 per common share payable on April 10, 2008 to shareholders of record on April 1, 2008.
TowneBank Reports First Quarter 2008 Financial Results and Operating Performance 4.22.2008
Suffolk, Va. - Hampton Roads based TowneBank (NASDAQ:TOWN) reported net income of $5.99 million for the quarter ended March 31, 2008 representing a 9.02% increase over the comparative period in 2007. Diluted earnings per share increased 9.09% to $0.24 per share as compared to $0.22 for the first quarter of last year. The growth in earnings was favorably impacted by continued double-digit growth rates in both loans and deposits coupled with a sharp increase in non-interest income.
TowneBank Employees Donate Peanut Butter & Cash 4.15.2008
Suffolk, VA - To celebrate TowneBank's 9th Anniversary, members of the bank's Member Service Center have collected 500 jars of peanut butter to donate to the Foodbank of Southeastern Virginia. The donation was presented, along with a $600 check, during a ceremony on Friday, April 18th at the TowneBank Member Service Center in Suffolk.
TowneBank Launches Suite of New Websites and Online Banking Systems 4.11.2008
Suffolk, Va.- TowneBank officially launched a suite of websites for TowneBank and 3 of its family of companies, including TowneBank Mortgage, Towne Investment Group, and Towne Insurance Agency, Inc. The sites feature a user-friendly interface, sophisticated tools and services, familiar faces, and state-of-the-art security.
TowneBank Appoints Skinner to TowneBank Peninsula President 2.11.2008
Suffolk, Va. - TowneBank announces that Brian K. Skinner has been appointed President for TowneBank Peninsula. He will be headquartered at TowneBank’s Oyster Point office.
TowneBank Reports Record 2007 Earnings of $23.26 Million 1.23.2008
Suffolk, Va. - Hampton Roads based TowneBank (NASDAQ: TOWN) reported net income of $23.26 million for the year ended December 31, 2007 representing a 6.76% increase over 2006. Diluted earnings per share increased 6.98% to $0.92 per share as compared to $0.86 for last year.
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