TowneBank Names New President and CEO
In August, the TowneBank Board of Directors selected William "Billy" Foster to succeed Morgan Davis as Chief Executive Officer. This announcement follows a months-long process led by a special committee formed by the Board to search for Morgan's successor and to review and assess our long-term management succession plan.
Billy joined the Towne family in 2004 as regional president and led the Towne expansion into the Norfolk community. Since that time, he has served in several executive roles, most recently as president of TowneBank markets in Central Virginia and North Carolina.
"Billy's extraordinary leadership style is deeply rooted in the Towne culture of caring that serves as the foundation of our long-term success," said Bob Aston, executive chairman. "His stellar record of achievement throughout his career stands as a tribute to his warm, welcoming nature that is a hallmark of great community bankers. Rest assured, the future strategic direction of our company will be to maintain a steady, conservative course while reaching for new and exciting horizons. I am excited about our future and look forward to working alongside Billy, our president Brad Schwartz and our phenomenal executive leadership team in continuing to serve our communities while creating value for our shareholder partners."
Billy attended Old Dominion University, earning a BS in Business Administration with a major in Accounting and also earned an MBA from the College of William and Mary. He and his wife Beth have three children and reside in Virginia Beach, VA.
Morgan joined the Towne family in its early days and has served in a variety of roles, from Virginia Beach president to leader of Towne Financial Services Group, to bank president and CEO. Known for his winning personality, musical talents, and love for his community, Morgan will retire on March 31 after assisting with the transition process. He also will continue to serve on the Board of Directors and as an executive consultant focused on mergers and acquisitions, member relations, and other special projects.
"The impact Morgan Davis has made on the culture of TowneBank and the success we have achieved cannot be overstated. I look forward to working with Bob and the entire management team as we look to the future while remaining true to our culture of caring for others and enriching lives — in every community we serve," said Billy.
"Billy's extraordinary leadership style is deeply rooted in the Towne culture of caring that serves as the foundation of our long-term success. His stellar record of achievement throughout his career stands as a tribute to his warm, welcoming nature that is a hallmark of great community bankers."