SUFFOLK, Va., March 24, 2011 (GLOBE NEWSWIRE) -- Hampton Roads based TowneBank (Nasdaq:TOWN) announced today that its Board of Directors on March 23, 2011 declared a cash dividend of $12.50 per share on its Series B Fixed-Rate Non-Cumulative Perpetual Preferred Stock. This preferred dividend is payable on May 16, 2011, to the shareholder of record as of May 3, 2011. This is the tenth quarterly dividend payment to the U.S. Department of the Treasury, the shareholder of record, on the preferred stock issued to it by TowneBank under the Capital Purchase Program of the government's Troubled Asset Relief Program (TARP). The amount and declaration of future cash dividends are subject to Board of Director's approval in addition to regulatory restrictions.
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 $3.87 billion as of December 31, 2010, TowneBank is one of the largest banks headquartered in Virginia.
CONTACT: G. Robert Aston, Chairman and CEO 757-638-6780 Clyde E. McFarland, Jr., Senior Executive Vice President and CFO 757-638-6801