Hampton Roads based TowneBank (the “Company” or “Towne”) (NASDAQ:
TOWN) announced today that its Board of Directors selected William
(Billy) I. Foster, III to succeed J. Morgan Davis when he
steps down as Chief Executive Officer on December 31, 2022. Mr.
Davis, who plans to retire on March 31, 2023 after assisting with
the transition process, will continue to serve on the Board of
Directors of the Company and as an executive consultant focused on
mergers and acquisitions, member relations and other special
projects. This announcement follows a months-long process led by a
special committee formed by the Board to direct the search for Mr.
Davis’ successor and to conduct a comprehensive review and
assessment of the Company’s long-term management succession plan
for its senior leadership management structure.
Mr. Foster joined the Towne family in 2004 as Regional President
to lead the Bank’s expansion into the Norfolk community. Since that
time he has served in several executive roles, including his
current role as President of the Bank’s markets in Central Virginia
and North Carolina. Prior to joining Towne, he served as the
Eastern Region President of Central Fidelity Bank.
“Billy’s extraordinary leadership style is deeply rooted in the
Towne culture of caring that serves as the foundation of our
long-term success. His stellar record of achievement throughout his
career stands as tribute to his warm, welcoming nature that is a
hallmark of great community bankers. Rest assured, the future
strategic direction of our Company will be to maintain a steady,
conservative course while reaching for new and exciting horizons,”
said G. Robert Aston, Jr., Executive Chairman.
“I am excited about our future and look forward to working
alongside Billy, our President Brad Schwartz and our phenomenal
executive leadership team in continuing to serve our communities
while creating value for our shareholder partners,” Aston further
stated.
“The impact Morgan Davis has made on the culture of our Company
and the success we have achieved cannot be overstated. I look
forward to working with Bob and the entire management team as we
look to the future while remaining true to our culture of caring
for others and enriching lives – in every community we serve,”
added Mr. Foster.
Mr. Foster attended Old Dominion University, earning a BS in
Business Administration with a major in Accounting and also earned
an MBA from the College of William and Mary.
He and his wife Beth have three children and reside in Virginia
Beach, VA.
About TowneBank:Founded in 1999, TowneBank is a
company built on relationships, offering a full range of banking
and other financial services, with a focus of serving others and
enriching lives. Dedicated to a culture of caring, Towne values all
employees and members by embracing their diverse talents,
perspectives, and experiences.
Today, the bank operates over 40 banking offices throughout
Hampton Roads and Central Virginia, as well as Northeastern and
Central North Carolina – serving as a local leader in promoting the
social, cultural, and economic growth in each community. Towne
offers a competitive array of business and personal banking
solutions, delivered with only the highest ethical standards.
Experienced local bankers providing a higher level of expertise and
personal attention with local decision-making are key to the
TowneBank strategy. Towne has grown its capabilities beyond banking
to provide expertise through its controlled divisions and
subsidiaries that include Towne Wealth Management, Towne Insurance
Agency, Towne Benefits, TowneBank Mortgage, TowneBank Commercial
Mortgage, Berkshire Hathaway HomeServices Towne Realty, Towne 1031
Exchange, LLC, and Towne Vacations. With total assets of
$16.86 billion as of June 30, 2022, TowneBank is one of the
largest banks headquartered in Virginia.
Cautionary Note Regarding
Forward-Looking Statements
This press release contains certain forward-looking statements
as defined by the Private Securities Litigation Reform Act of 1995.
Forward-looking statements are not historical facts, but instead
represent only the beliefs, expectations, or opinions of TowneBank
and its management team regarding future events, many of which, by
their nature, are inherently uncertain and beyond the control of
TowneBank. Forward-looking statements may be identified by the use
of such words as: “believe,” “expect,” “anticipate,” “intend,”
“plan,” “estimate,” or words of similar meaning, or future or
conditional terms, such as “will,” “would,” “should,” “could,”
“may,” “likely,” “probably,” or “possibly.” These statements may
address issues that involve significant risks, uncertainties,
estimates, and assumptions made by management. In addition, these
forward-looking statements are subject to various risks,
uncertainties, and assumptions with respect to future business
strategies and decisions that are subject to change and difficult
to predict with regard to timing, extent, likelihood, and degree of
occurrence.
Additional factors that could cause actual results to differ
materially from those expressed in the forward-looking statements
are discussed in TowneBank’s reports (such as Annual Reports on
Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on
Form 8-K) filed with the FDIC and available on the Securities
Exchange Act Filing website maintained by the FDIC at
https://efr.fdic.gov/fcxweb/efr/index.html.
Media contact:
G. Robert Aston, Jr., Executive Chairman, 757-638-6780J. Morgan
Davis, Chief Executive Officer, 757-673-1673
Investor contact:William B. Littreal, Chief
Financial Officer, 757-638-6813
TowneBank (NASDAQ:TOWN)
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