TowneBank Announces Appointment of Chief Operating Officer

/ Source: GlobeNewswire

SUFFOLK, Va., April 22, 2011 (GLOBE NEWSWIRE) -- Hampton Roads based TowneBank (Nasdaq:TOWN) announced today that William B. Littreal has been promoted to Senior Executive Vice President and Chief Operating Officer.

Littreal is a graduate of Christopher Newport University with a Bachelor of Science Degree in Accounting and has received a Masters of Science in Management of Information Technology from the University of Virginia. He is also a Certified Public Accountant.

During his banking career, he has served in numerous management positions in operations, technology and finance. Prior to joining Towne as Director of Finance in 2008, Littreal served as Executive Vice President and Chief Financial Officer of FNB Corporation, the parent company of First National Bank of Christiansburg.  In his new role, Bill will assist the CEO in overall administrative management of the bank.

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, Jr. Chairman and CEO, 638-6780