TowneBank Names Chief Executive Officer Successor

SUFFOLK, Va., Aug. 26, 2022 (GLOBE NEWSWIRE) — 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, 757-638-6780
J. Morgan Davis, Chief Executive Officer, 757-673-1673

Investor contact:
William B. Littreal, Chief Financial Officer, 757-638-6813