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TowneBank Announces Cash Dividend on Preferred Stock

/ Source: GlobeNewswire

SUFFOLK, Va., Oct. 28, 2010 (GLOBE NEWSWIRE) -- Hampton Roads based TowneBank (Nasdaq:TOWN) announced today that its Board of Directors on October 27, 2010 declared a quarterly cash dividend of $2.00 per preferred share on its 8% Non-Cumulative Convertible Preferred Stock, Series A. The dividend is payable on December 1, 2010 to shareholders of record on November 12, 2010.

The amount and declaration of future cash dividends are subject to Board of Director's approval in addition to regulatory restrictions.

As one of Virginia's top community banks, TowneBank now operates 19 banking offices in Chesapeake, Hampton, Portsmouth, Newport News, Virginia Beach, Norfolk, Williamsburg, York County, and Suffolk. 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 $3.73 billion as of June 30, 2010, TowneBank is one of the largest banks headquartered in Virginia.

CONTACT: TowneBank G. Robert Aston, Chairman and CEO (757) 638-6780 R. Scott Morgan, President and Senior Loan Officer (757) 638-6783 Clyde E. McFarland, Jr., Senior Executive Vice President and CFO (757) 638-6801