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.
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
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:
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.
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.
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.
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.
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
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.
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.
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.
Towne Insurance Earns National Recognition from The Hanover Insurance Group
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."
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.
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.
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.
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.
Her professional drive outmatched the effects of living with cancer over the last several years. In fact, many close
to her did not know she was suffering. Her will to serve fueled her will to live, and we are all better for every
extra minute we had with her.
Ellen grew up in Norfolk and later in Olde Towne Portsmouth, the daughter of Ann Oast Miller and the late Townsend
Oast. She attended Norfolk Collegiate School and graduated from Randolph-Macon Women's College in Lynchburg, VA
with a degree in economics. After college, she followed in her father's footsteps into the banking business. She
started with First & Merchant's Bank and thrived through many mergers and acquisitions to "retire" with a
major competitor in 2009. Always a banker at heart, she joined the TowneBank family that same year and served as
an executive vice president and commercial loan officer up to the time of her death, achieving nine straight
Chairman's Club awards and the prestigious Top Producer recognition in 2017.
We miss her bright spirit and share our continued condolences with her mother, her husband Kenny, sons Townsend and
Coles, and extended family and friends.
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.
"Bob Aston epitomizes the most desirous traits and characteristics of a business and civic leader," Stephens said.
"The philanthropic culture he has established at TowneBank is emblematic of what all businesses should strive to
achieve."
Bob gave credit to his family and wife, Cindy, as well as the Towne family. "For me, life has always been a team
sport, I accept this honor on behalf of all those who helped me along the way."
The Hampton Roads Chamber selects the First Citizen of the Year to recognize an individual from greater Hampton Roads
who has demonstrated exceptional regional leadership. The award honors a courageous and visionary individual whose
tireless efforts have helped lead the 17 communities of Hampton Roads into greater partnerships, collaboration, and
prosperity.
Bryan Stephens summed up why Bob Aston was the choice for the 2021 award. "Bob really deserves this most prestigious
award. Our region is much better because of him."
Thank you, Bob, for your servant leadership. Your Towne family is so very proud of you!
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. Here are some excerpts from the Triangle Business Journal article about Kristin —
Birthplace: Reidsville Family: Husband, Preston; daughters, Davis, Parker, and Britt Education: B.S., industrial relations and business administration, UNC-Chapel Hill
What accomplishments from the last year made you the most proud?
I am a certified financial planner and received my CFP certification in 2021 — a three-year process.
My
oldest daughter graduated with a master's in industrial organizational psychology.
I completed the four-year
North Carolina School of Banking program.
Continued healthy growth in supporting the Cary community with
banking needs.
Will the pandemic have a long-term impact on how you and your organization do business?
During the first
phase of Covid, I could hear in our members' voices how much they needed someone to ease their concerns, answer
their questions, explore ideas, and just touch base. We continue to make it a priority to connect with our members
regularly. Covid deepened those relationships and bonded us together not only as partners in business but also as
important friends as we travel through life together.
What is your professional goal five years from now?
For 23 years, I have made my professional decisions with a focus on the well-being of my family. Now that my nest is
starting to empty, I will have more time for my professional and personal development. My goal is to strengthen my
understanding of the industries in our community. I hope to become the first person our community members contact to
explore ideas that will impact their finances.
What is the most difficult obstacle you've faced?
Outside of losing my mother too young, the most difficult obstacle I've faced was re-starting my career after taking
seven years off to be with my children. I am thankful I had that time with my girls, but my exposure to the outside
world was limited to my church and activities focused on children. I re-entered banking in 2009 and I am forever
grateful to the Cary community for the warm welcome I have received.
To what community cause or charity are you most committed?
I fell in love with the people and the mission of the Cary Rotary Club. "Service above self" is easy to say, but not
easy to accomplish without a strong team. Weekly meetings, effective committees, and a group of people who are
passionate about serving others help us advance hunger relief, literacy, health issues, and more. I am thankful to
be selected as the president of our club for the 2024-25 year.
What female business person or leader do you admire most?
Kathy Burns is co-founder of Hall & Burns
Wealth Management and the founder of Kathy Burns CPA, which later became Burns & Bynum upon merging with Lanny
Bynum. While these accomplishments and her extensive knowledge of the financial world are enough to make her an
admirable woman, what I admire the most is Kathy's strong sense of self, her endless passion to help others, and her
love for her family and the community.
What is something you are looking forward to this year?
Several of my members have big things going on and I'm excited to help them bring their dreams to fruition. On the
personal side, I will send my youngest to college in the fall and look forward to creating a new rhythm that
incorporates my community, career, church, family, and friends in a meaningful way. I think my husband and I may
improve our pickleball game.
Triangle Business Journal notes that they selected "28 powerful professionals for the 2022 Women in Business
Awards out of more than 200 nominees. Each of these exemplary women has established strong, positive reputations in
business and community service with outstanding leadership and noteworthy accomplishments." We are delighted that
Kristin is counted among these exceptional women!
