updated 5/25/2011 5:47:44 PM ET 2011-05-25T21:47:44

SUFFOLK, Va., May 25, 2011 (GLOBE NEWSWIRE) -- Hampton Roads based TowneBank (Nasdaq:TOWN) announced several executive promotions in reorganizing the executive management team after the announced retirement of TowneBank co-founder, President and Senior Lending Officer, R. Scott Morgan.

Effective July 1, 2011 J. Morgan Davis has been elected President and Chief Banking Officer with responsibility for Towne's community banking activities. Mr. Davis joined Towne as President of TowneBank of Virginia Beach in May of 1999. In 2005, he was named President of Towne Financial Services that includes TowneBank Mortgage, Towne Insurance, TFA Benefits, Prudential Towne Realty, Towne Investments and Corolla Classic Vacation among numerous other non-bank activities in the Towne organization. Prior to joining Towne, Mr. Davis served as President and Chief Executive Officer of Princess Anne Bank.

Towne also announced the election of William D. Sessoms, Jr., currently President of TowneBank of Virginia Beach as President and Chief Executive Officer of Towne Financial Services replacing Mr. Davis. Mr. Sessoms, also the Mayor of the City of Virginia Beach, joined Towne in 2005 and previously served in numerous executive positions with Wachovia Bank and Central Fidelity Bank.

Additionally, Philip M. Rudisill was elected by the Board of Directors as Senior Executive Vice President and Chief Credit Officer filling the lending role vacated by Mr. Morgan's retirement. In his new role, Mr. Rudisill will be responsible for credit policy and the credit quality of the bank's loan portfolio. Mr. Rudisill joined Towne in 2006 after a distinguished career at BB&T in North Carolina and Virginia as a commercial lender and City Executive.

In Virginia Beach, William I. Foster III, currently the President of TowneBank of Norfolk has been elected President of TowneBank of Virginia Beach, the company's largest banking operation with over $1.2 billion in assets. Foster joined Towne as the Norfolk President in 2004.   In his prior banking career, he served as the Regional President of Central Fidelity Bank as well as numerous other executive roles with the company.

Replacing Foster in Norfolk as President of TowneBank of Norfolk will be John P. Matson, a well known and respected Hampton Roads Banker. Matson joined Towne in 2007 as Senior Executive Vice President and Head of Corporate Banking. Prior to joining Towne, Matson served in numerous executive positions with Wachovia, First Union and Signet Bank.

Additionally, John Baiocco has been elected as Senior Executive Vice President and Senior Lending Officer for TowneBank of Norfolk, Baiocco will manage the commercial lending group in Norfolk in teaming up with John Matson to lead the Norfolk bank.

Towne previously announced the election of William B. Littreal as Senior Executive Vice President and Chief Operating Officer.

"With the retirement of my long-time friend and associate, Scott Morgan, the time is right to continue to build the bridge to the future. I am excited by all of the new energy that these extraordinarily talented individuals will bring to their new roles," said G. Robert Aston, Jr., Chairman and Chief Executive Officer. "I look forward to working with them as together we will write the next chapter of the Towne story."

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 $3.97 billion as of March 31, 2011, TowneBank is one of the largest banks headquartered in Virginia.

Forward-Looking Statements:

This release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. These statements may address issues that involve significant risks, uncertainties, estimates and assumptions made by management. Factors that may cause actual results to differ materially from those contemplated by such forward-looking statements include competitive pressures in the banking industry that may increase significantly; changes in the interest rate environment may reduce margins and/or the volumes and values of loans made or held as well as the value of other financial assets held; general economic conditions, either nationally or regionally, may be less favorable than expected, resulting in, among other things, a deterioration in credit quality and/or a reduced demand for credit or other services; changes in the legislative or regulatory environment, including changes in accounting standards, may adversely affect our business; costs or difficulties; related to the integration of the business and the businesses we have acquired may be greater than expected; expected cost savings associated with pending or recently completed acquisitions may not be fully realized or realized within the expected time frame; our competitors may have greater financial resources and develop products that enable them to compete more successfully; changes in business conditions, changes in the securities market and changes in our local economy with regards to our market area and its heavy concentration of U. S. military bases and related personnel. We assume no obligation to update information contained in this release.

CONTACT: G. Robert Aston, Chairman and CEO
         757-638-6780
         Clyde E. McFarland, Jr., Senior Executive Vice
         President and CFO
         757-638-6801

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