Photo of Bob Aston on stage speaking at an event
Bob explains the "secret sauce" that helped TowneBank land in the top ten of Forbes Best Banks in America.

TowneBank Makes Forbes' Top Ten List

Landing in the top ten of a list is always a cause for celebration. TowneBank is celebrating its number nine ranking in the Forbes 2022 Best Banks in America list.

This is the fourth year that TowneBank has received Best Banks in America recognition, but the first time in the top ten. This ranking also means that Towne took the top spot among all competitors based in Virginia and North Carolina.

Forbes ranks the 100 largest publicly traded banks and thrifts based on key metrics related to growth, credit quality, and profitability. S&P Global Marketing Intelligence provides the data with ranking performed by Forbes. TowneBank first appeared on the Forbes' list in 2019 at number 46.

"We celebrate the hard work of everyone in the Towne family of companies that merits this national recognition," Bob Aston, TowneBank executive chairman, said. "At the end of each day, it is our culture of caring — for each other, our members, our communities, our shareholders, and for the less fortunate — that is at the heart of our success."

We thank our loyal members, employees, and shareholders for their continued support. Without you, we would not enjoy this honor.

Interior photo of apartment building lobby
The Arbors at Shoulders Hill is one of several complexes offering affordable housing for seniors where TowneBank partnered with Marlyn Development.

Update on Affordable Housing Initiatives

TowneBank Wins Top Honor from CAHEC

Brian Staub and Anne Conner talking while seated at a table.
Anne Conner (right), TowneBank president of public finance and community investment, meets with Brian Staub, chief financial officer at Marlyn Development Corporation.

We are excited to announce that TowneBank was named 2022 Investor of the Year by CAHEC (Community Affordable Housing Equity Corporation) at its annual Partners Conference in June. CAHEC's mission is to provide communities with affordable housing and opportunities for growth and revitalization by investing in qualified tax credit products.

Anne Conner, president of Towne's Public Finance and Community Investment (PFCI) division, was in Greensboro to collect the award. The PFCI was created in 2013 with the task of ensuring that all of Towne's friends and neighbors have access to high quality, safe affordable housing with a full suite of amenities which serves to create a healthy lifestyle regardless of income level.

"TowneBank recognizes that stable, affordable housing is important for children's futures and is supportive of emotional, physical, and behavioral health," Anne says. "We also recognize the economic benefits. Studies have shown that affordable housing uplifts residents, reduces overcrowding, increases adjacent property values, attracts businesses and jobs, and lowers crime rates. Perhaps most importantly, Towne recognizes that affordable housing developments encourage diversity by creating communities where people of different cultural, socio-economic, and educational backgrounds can gain a better understanding of one another through relationships as neighbors and friends."

Since 2013, TowneBank has committed over $311 million in affordable housing investments, and we aren't done yet," says Anne. "We currently have another $83 million in the pipeline for 2022." The investments made to date have created over 3,300 homes for individuals and families — homes where the residents can focus on a productive and healthy future without worrying about the ability to make a monthly rent payment. "TowneBank is proud to support the economic and social well-being of all the communities we serve through these important and life changing investments," Anne adds. "After all, serving others and enriching lives is what TowneBank is all about!"

Some of the projects we have focused our resources on include:

Affordable Housing for Seniors:
The Arbors at Pembroke in Virginia Beach
The Arbors at Shoulders Hill in Suffolk
The Arbors at Towne Park in Williamsburg
The Arbors at Hull Street in Richmond
The Arbors at Birchwood in Virginia Beach

Fixed income seniors are among the most vulnerable populations when it comes to finding affordable homes. Our partnership with Marlyn Development Corporation has resulted in the development of 727 units for those 62 and better. TowneBank has invested over $42,000,000 to make those units possible. Best of all, given the federally regulated limitation on annual rent increases for affordable units, our seniors don't need to worry about being able to afford a safe, high-quality home in their golden years.

Urban Development
New Manchester Flats, Richmond

Redeveloping distressed and outdated urban properties creates value in multiple ways — increased real estate values, beautification of blighted areas, new and exciting developments in areas with limited site availability and, of course, affordable housing for those who may be priced out of a home within the city limits. High market-rate rents can force low- and moderate-income individuals and families to move further and further away from the city center, which results in longer commutes, more time away from family and friends and limited job options. Our partnership with Lynx Ventures resulted in the development of New Manchester Flats in the thriving sub-market of Manchester in Richmond. This revitalized district offers cafes, brewpubs, restaurants, art studios and more. TowneBank added to its vibrancy by investing $5,547,545 to develop 104 affordable units, which will provide homes for many of those employed by the new businesses.

Photorealistic rendering of apartment building exterior.
New Manchester Flats is in an urban setting in Richmond close to the city center. TowneBank partnered with Lynx Ventures to create 104 units of affordable housing in this vibrant area of Richmond.

Public Housing Partnerships
Dillehay Courts, Charlotte

Redevelopment and Housing Authorities provide an invaluable service to their constituencies as they seek to provide well-maintained housing and stable communities in their respective geographies. And they often serve the very lowest income families and individuals by focusing on incomes as low as 30% of Area Median lncome. Our partnership with Horizon Development Properties, a subsidiary of Inlivian (formerly the Charlotte Housing Authority), resulted in razing 36 units of a former public housing development and replacing those units with a single, modern four-story building comprised of 144 affordable units and related amenities like a computer center, a community room, a fitness center and a playground. The Charlotte area has experienced extremely strong growth in recent years and has a substantial shortage of high quality affordable units to house its growing population. TowneBank invested $12,628,717 to make this project possible and created a beautiful new development for our friends and neighbors in Charlotte.

Our ongoing commitment to supporting the communities we serve through community development loans, investments in affordable housing, philanthropic donations, and volunteer service has helped us maintain five consecutive "Outstanding" ratings on our Community Reinvestment Act performance evaluation. For TowneBank, it's all part of how we do business.

Photo of laptop computer displaying TowneBank web site.

TowneBank.com Wins Site of the Year Award


In November, TowneBank launched our completely new website with some exciting new features including "Find Your Banker" functionality, new industry pages, and a revamped resource center. The new site was launched in the Kentico Xperience content management platform, and we were honored to be selected as the financial services site of the year in their annual contest.

Kentico is an internationally known web and digital marketing agency powering more than 35,000 websites worldwide.

The Site of the Year winners are websites or apps launched in 2021, built on the Kentico platform, that excel in the following areas:

  • Client satisfaction
  • Customer success
  • Ease of use
  • Interactivity
  • Graphic design
  • Content
  • Use of Kentico Xperience capabilities

Here's what the Kentico Xperience group posted about the award — "With this award, TowneBank.com has been recognized as among the very best implementations of Kentico Xperience. The website displays excellence in creativity, innovation, content modeling, and the use of technology. This new digital experience reflects the level of exquisite service that TowneBank is pleased to offer their employees, members, and community."

Thanks to everyone who worked so hard on our new website, especially the digital team in our marketing department. Please be sure to check out our site and enjoy the new features and functionality by visiting TowneBank.com.

Group of four people standing on a stage and talking.
Bob Aston (far right) pays tribute to three TowneBank founding directors who are retiring: (l to r) Tom Broyles, Lee Baynor, and Lewis Wood.

Together Again at the TowneBank Shareholders Meeting

Photo of man standing next to a photo of himself mimicking the same pose.
Morgan Davis poses with a familiar face in the photo gallery.

"It's been a long time since we've been together, and it is so good to see so many smiling faces!" That's how TowneBank executive chairman Bob Aston opened the 2022 Shareholders meeting at the Virginia Beach Convention Center. For the last two years, the meeting has been held virtually because of the pandemic and it certainly was good to be back together.

Bob said TowneBank is a story of amazing people and extraordinary results. He related an event in 1999 when a reporter from Forbes did not take the brand new TowneBank seriously. Now Forbes has ranked TowneBank as number 9 in its list of America's Best Banks for 2022. What a success story!

And the "secret sauce" to Towne's success? It starts with a heart-led leadership team and a culture of caring. Bob referenced the book, The Heart-Led Leader: How Living and Leading from the Heart Will Change Your Organization and Your Life, a New York Times bestseller by Tommy Spaulding. A heart-led leader always asks, "Are you doing enough for those around you?"

Another major ingredient in Towne's secret sauce is its culture of caring. "We are able to continuously attract extraordinary people who are not only talented, but who also believe in our company serving a greater purpose as a community asset," Bob said.

Speaking of extraordinary people, Bob paid tribute to three TowneBank founding directors who are retiring and will now serve as emeritus directors — Lee Baynor, Tom Broyles, and Lewis Wood. "These three men have been with us from the beginning, and they have assured me that we can still call upon their expertise in the future," Bob said.

Bob then reviewed Towne's performance during 2021 which was the best year in our history as well as the 22nd consecutive year of increased earnings. TowneBank continued to be number one in market share for the Hampton Roads region, and in the top ten in Richmond, Raleigh, and Charlotte, where we compete with multiple mega banks each day.

Bob gave the stage to Morgan Davis, TowneBank CEO, who will be retiring this year, but Bob said he will still be available to work on special projects. Morgan quoted from a Robert Frost poem —

Two roads diverged in a wood, and I took the one less traveled by, and that has made all the difference.

He said that TowneBank is always willing to take the road less traveled, to chart a different course and that has contributed to Towne's success. "Putting purpose before profits means our focus is on serving others and enriching lives," Morgan said. That commitment has led to us supporting hundreds of local charitable organizations through volunteerism, donations, scholarships, and grants. Since our founding, Towne and the TowneBank Foundation have contributed more than $90 million to the communities we serve.

As always, the meeting ended with a moving video highlighting some of the nonprofits TowneBank has supported — Mercy Medical Angels, The Up Center's Steven A. Cohen Military Family Clinic, and Samaritan House.

After the meeting, the shareholders enjoyed good food, fellowship, and entertainment from Check 5 who strolled among the diners singing top hits from throughout the years.

Thanks to all our shareholders who have done so much to create the TowneBank success story. We look forward to seeing you again next year!

Understanding Identity Theft to Help Protect and Prevent Potential Fraud

Identity theft occurs when someone steals your personal information and uses it without permission. Most often, thieves steal information like your name, date of birth, and social security number to apply for credit, file for taxes, or open other types of accounts in your name.

There are several forms of identity theft, including account takeover, debit and credit card fraud, mail identity fraud, and social security number theft. There are even schemes that target specific populations, like senior citizens or children. Most commonly, identity theft occurs through unsecure browsing, a data breach, or spam emails. Identity thieves may also obtain your personal information by going through your mail or trash to find documents with sensitive information, or by stealing your wallet or purse.

Unfortunately, it is impossible to completely eliminate the threat of identity theft. However, if you educate yourself about common telltale signs and equip yourself with tools to limit damage should it occur.

Consider the following steps to help protect yourself from identity theft:

  • Create strong passwords and avoid using the same password on multiple accounts. Use two-factor authentication for online services when possible.
  • Review your financial and credit card statements carefully for unknown transactions. Money Management, offered through online banking, allows you to connect multiple accounts for a complete view of your spending across credit, debit, and savings accounts.
  • Shred important documents and consider limiting the personal information you carry on a daily basis, including your social security card and passport.

While being proactive to prevent fraud is crucial, it is also important to monitor activity that may signal identity theft. Telltale signs of fraud include:

  • You receive a bill for items you didn't order, or you notice unauthorized bank transactions or withdrawals. Card Control for your TowneBank debit card allows you to receive instant notifications whenever a debit card transaction or withdrawal occurs and allows you to turn off the card should you suspect suspicious activity.
  • You are denied credit despite having an excellent credit score, or you receive calls from debt collectors.
  • You receive unauthorized texts or emails from unknown accounts. Of note, TowneBank will never ask for your personal information via text, phone, or email. When in doubt, call your banker.

If you suspect that you may be a victim of identity theft, it is important to limit the potential damage. Contact your banker immediately to discuss and review steps to recover from identity theft.

Remember, the best protection against identity theft is knowledge. By remaining proactive and using tools available through online and mobile banking, you can limit the impact on you or your loved ones.

Towne Insurance Shield24 logo.

Shield24 Gives You 24/7 Online Access to Your Account

Towne Insurance now offers an enhanced member experience by introducing new online service options. Shield24 offers you secure access to your insurance information online 24/7 from any computer or mobile device. These services are available to all Towne Insurance members. By downloading the Shield24 app to your phone or logging in to the online portal at TowneInsurance.com, you'll be able to:

  • View and reprint insurance ID cards
  • View critical policy information
  • Request policy changes online
  • Access your agent's direct contact information
  • Review and download account documents

"Our goal at Towne Insurance is to provide comprehensive insurance and risk management solutions - we're here to help you protect yourself, your family, and your future," said W. Douglas Russell, president and CEO of Towne Insurance. "With Shield24, we are now connected to our members 24/7 and we are excited to take this step forward in providing an additional level of service and convenience to all."

To access the information you need, when you need it, no matter where you are, Shield24 is available now. Download the mobile app in the Apple App Store and Google Play or register online at TowneInsurance.com.

Hanover President's Club logo.

Towne Insurance Earns National Recognition from The Hanover Insurance Group

Towne Insurance has recently earned a top designation from The Hanover Insurance Group, one of our national insurance carrier partners.

The Hanover Insurance Group has recognized Towne Insurance as a member of their President's Club, an elite group of independent insurance agencies from across the country. It is a recognition of Towne'sconsistently strong performance and the outstanding service and insurance expertise offered to our members.

"We are honored to receive this President's Club designation, which shows our dedication to the insurance industry and to providing an extraordinary member experience to all individuals and businesses we serve," said W. Douglas Russell, president and CEO of Towne Insurance.

The Hanover partners with a select group of 2,100 independent agents nationwide and only 5% are recognized with this distinction.

"Customer experience is at the core of our business and we proudly partner with Towne Insurance, which shares in this vision of putting customers first," said Richard W. Lavey, president, Hanover Agency Markets."With vast insurance knowledge, the agency is a trusted adviser to its clients, helping them to mitigate risk while providing an outstanding member service experience."

Ellen Keeter

Remembering a Special Banker and Friend

It is with deep sadness that we share the passing of Ellen Keeter in November 2021. Ellen was a beloved member of our TowneBank family and a devoted commercial banker based in our downtown Norfolk office. She took great joy in providing a meaningful impact to her members, whom she valued as extended family.

… read more
Brad Schwartz, of Towne Bank.

Bob Aston — First Citizen of Hampton Roads

Congratulations to Bob Aston, TowneBank executive chairman, who was named the 2021 First Citizen of Hampton Roads. Bryan Stephens, president and CEO of the Hampton Roads Chamber of Commerce, presented the award to Bob at the Bravo! Celebration of Leadership.

… read more

Dawn Glynn, of Towne Bank.

Kristin Sutton Recognized with Women in Business Award

Congratulations to Kristin Sutton, senior vice president and commercial banking officer in TowneBank's Cary office, who was recognized by Triangle Business Journal with a Women in Business Award.

… read more
  • BRITTANY ADAMS, Senior Account Manager - Commercial Lines

  • DOUG ANDERSON, VP, Mortgage Senior Loan Officer

  • ANA BALLA, Member Service Specialist/Member Service Representative

  • LISA BOBBITT, Banking Officer & Relationship Specialist

  • JEFF BYROM, VP, Commercial Banking Officer

  • CHRISTOPHER COY, VP, Mortgage Senior Loan Officer

  • MEGAN DENIZ, Member Service Specialist

  • PHIL JAWNY, VP, Mortgage Senior Loan Officer

  • ALLISON LADD, VP, Senior Human Resources Advisor

  • SARAH LEONARD, Account Manager - Commercial Lines

  • BREEANN MCKINNON, Branch Operations Manager

  • DAWNE MORGAN, Member Service Specialist

  • STEPHANIE RIDER, AVP, Account Executive - Team Lead Commercial Lines

  • JESSICA SHOOK, AVP, Merchant Sales Representative

  • JORDAN WALKER, Mortgage Loan Officer

  • WILL ABERNETHY, Banking Officer & Credit Portfolio Analyst

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  • BOBBY LAMM, VP, Commercial Banking Officer

  • JUSTIN SHANAHAN, AVP, Mortgage Loan Officer

  • SUSAN WATERBURY, Member Service Specialist

  • ANGELA ADAMS, Banking Officer & Loan Operations & Quality Control Manager

  • IAN ALLEN, Member Service Representative/Vault

  • SANESHA ALSTON, Client Service Specialist

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  • MONICA ARNOT, Digital Services Specialist

  • YLONDA ASHBY, VP, Regulatory Affairs Supervisor

  • JADYN BAKER, Property Inspector

  • BROOKE BAREFOOT, Quality Control Representative

  • RUBY BEASLEY, Member Service Specialist

  • ZACH BELL, Mortgage Processor

  • DIANE BELL, Operations Officer & Reconciliation Specialist

  • AUSTIN BENDLER, Lawncare Technician

  • VANESSA BERGER, Assistant Account Manager - Commercial Lines

  • ADAM BOWMAN, Loan Services Flex Representative

  • KIM BRITT, Senior Account Manager - Commercial Lines

  • CHRIS BUFIS, Mortgage Senior Loan Officer

  • DEBBIE BULLARD, AVP, Regional Portfolio Administrator

  • MICHELLE BUTLER, EVP, Director of Private Banking

  • KENDAL BUTLER, Banking Officer & Small Business Underwriter

  • ASHTON BUTLER, SVP, Assistant Controller - Towne Banking Division

  • DAWN CHAPPELL, SVP, Branch Manager

  • RHONDA COLEMAN, SVP, Loan Services Core System Application Manager

  • CHELSEA COPAN, VP, Private Banking Officer

  • SONYA CRAWFORD, Assistant Account Manager - Personal Lines

  • JOHN CUDDY, Member Service Representative/Vault

  • STEVEN CUDDY, AVP, Branch Manager

  • KARREY CYRUS, Technology Officer & Business Systems Analyst

  • WYLENE DEAN, AVP, Commercial Credit Analyst

  • MELISSA DEGUZMAN, SVP, Director Of Audit

  • KIMBERLY DENNIS, Account Manager - Personal Lines

  • HUNTER DIGEORGE, Information Security Analyst

  • JAROD DOS SANTOS, Banking Officer & Commercial Credit Analyst

  • AMY DUDLEY, AVP, CRA Data Analyst

  • JOANNE DUNN, AVP, Travel Team Manager & Branch Administration Officer

  • JEANNIE EAGLE, Banking Officer & Member Service Specialist

  • BRIANNE EDWARDS, Senior Account Manager - Commercial Lines

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  • HAILE ELLIS, Guest Arrival Assistant Manager

  • SHERRY ELMS, Administrative Assistant

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  • DEBORAH FIKE, Guest Experience Coordinator

  • BONNIE FINCH, Client Service Assistant

  • MELISSA FLETCHER, VP, Registered Client Services Assistant

  • FRAN FORD, Banking Officer & Branch Operations Manager

  • KEISHA FORD, Banking Officer & Vendor Risk Management Analyst

  • VALERIE FRANCISCO, OFAC Specialist

  • WHITNEY FRANKLIN, Banking Officer & Branch Operations Manager

  • JOHN FRANKOS, VP, Mortgage Venture President

  • LAKISHA GAINES, Member Service Representative/Vault

  • JOHN GARRETT, VP, Commercial Lender

  • AMBER GENTILE, Operations Officer & Payment Services Supervisor

  • BEN GILLIAM, AVP, Assistant Controller

  • SHERRI GIZARA, Electronic Banking Officer & Payment Services Team Lead

  • AVIANNA GOLDMAN, Mortgage Loan Processor

  • GRANT GOOD, Appraisal Coordinator

  • JENNIFER GRANT, VP, Operations Business and Risk Manager

  • JENNIFER GRAVINO, Sales Property Manager

  • SAVANNAH HARDISON, Senior Account Manager - Personal Lines

  • JAMAL HARRIS, Marketing Project Specialist

  • CHRISTINA HARVEY, Senior Account Manager - Commercial Lines

  • MARISSA HAWKINS, Maintenance Coordinator

  • KRISTIN HOLLOMAN, AVP, Mortgage Capital Markets Manager

  • STACI HUDSON, Mortgage Loan Officer

  • ELIZABETH HUNT, Member Service Specialist

  • ANGELA HUNT, VP, Human Resources Business Partner

  • BRAD HUNTER, VP, Commercial Lender

  • JUDY JACKSON, Receptionist

  • KHARAH JAMES, Registered Client Services Assistant

  • SUSAN JENKINS, Consumer Loan Processor Specialist

  • ELIZABETH JOHNSON, Treasury Implementation Specialist

  • KIMBERLY JONES, Administrative Assistant

  • KELLY JOYCE, Banking Officer & Relationship Specialist

  • SONG KARAKUS, Member Service Specialist

  • KIMBERLY KIMBALL, Mortgage Loan Processor

  • MIKE KINZEL, Business Beetle Courier

  • ASHLEY KNAPP, Mortgage Senior Loan Officer

  • CARLY LAMBERT, Mortgage Loan Officer Assistant

  • WESLEY LAMBERTSEN, Member Service Specialist

  • RHONDA LEDOYEN, Member Service Representative

  • SHANNON LEE, Guest Arrival Supervisor

  • DANIEL LEWIS, SVP, IT Audit Director

  • ASHLEY LONG, AVP, Corporate Compliance Assurance Manager

  • WENDY LORENZ, Banking Officer & Relationship Specialist

  • RAMONA LOTHES, Banking Officer & Member Service Specialist

  • MARISSA LY, HR Officer & Senior Payroll Specialist

  • TJ MAROON, VP, Real Estate Loan Officer

  • PATRICIA MARSHALL, AVP, Credit Administration Officer

  • ERIN MARTIN, Maintenance Supervisor

  • MARY-TAYLOR MAY, Banking Officer & Relationship Specialist

  • MARI MAY, Guest Arrival Supervisor

  • KELLY MCCARTER, Banking Officer & Member Service Specialist

  • IAN MCCLAIN, Member Service Representative/Vault

  • STEVEN MCCUBBINS, Maintenance Technician

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  • PAULA MESSNER, Client Services Manager

  • DEBBIE MILLARD, SVP, Private Banking Officer

  • TAMMY MOON, Housekeeper

  • JESS MOORE, Loan Services Flex Representative

  • CHARLIE MORRELL, SVP, Director of New Construction

  • TRENT MORRIS, AVP, Risk Integration Senior Analyst

  • KYLEYA MOSES, BSA/AML - EDD/High Risk Analyst

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  • BRITTANY ROGERS, Reservations Team Lead - Property Management

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  • MEGAN ROYBAL, Banking Officer & Human Resources Coordinator

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  • GARRETT STARKEY, AVP, HRIS Manager

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  • SHANTA TATE, Mortgage Processor Assistant

  • JENNIFER TETTENBURN, Senior Data Analyst

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  • AMANDA TRUSSELL, Banking Officer & Core Application Reconcilement Manager

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  • GINA VALENCIA, AVP, Treasury Services Implementation & Support Team Lead

  • ROBYN WALTERS, VP, Associate Legal Counsel

  • WHITNEY WEST, Mortgage Senior Loan Officer

  • EMI WHITE, Banking Officer & Branch Operations Manager

  • MELANIE WHITE, VP, Account Executive

  • KAYLA WHITE, Property Manager Assistant

  • KELLI WIEDMAIER, Client Service Specialist

  • ROSE WILLIAMSON, Senior Account Manager - Select Business Unit

  • ANNETTE YABA, VP, Branch Manager

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  • ASHLEY CHARITY, VP, Branch Manager

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  • ERIN KELLY, VP, Real Estate Portfolio Manager

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  • DOMONIQUE PARHAM, Member Service Representative/Vault

  • NICK PARKS, Commercial Portfolio Manager

  • KATHY RAINES, Senior Account Manager - Personal Lines

  • TAMMY ROBINSON, Download Team Leader

  • CURT STRAUB, SVP, Commercial Lender

  • SEAN C WILLIAMS, Member Service Specialist