TowneBank appoints CEO’s successor
SUFFOLK, Va., Aug. 26, 2022 (GLOBE NEWSWIRE) — Hampton Roads-based TowneBank (the “Company” or “Towne”) (NASDAQ: TOWN) today announced that its Board of Directors has selected William ( Billy) I. Foster, III to succeed J. Morgan Davis when he steps down as CEO on December 31, 2022. Mr. Davis, who plans to retire on March 31, 2023 after participating in 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 of Directors to lead the search for Mr. Davis’ successor and to conduct a comprehensive review and assessment of the company’s long-term succession plan. management of the company for its management structure. .
Mr. Foster joined the Towne family in 2004 as Regional Chairman to lead the Bank’s expansion into the Norfolk community. Since then, he has held several leadership positions, including his current role as President of Bank Markets in Central Virginia and North Carolina. Prior to joining Towne, he served as President of Central Fidelity Bank’s Eastern Region.
“Billy’s extraordinary leadership style is deeply rooted in Towne’s caring culture that serves as the foundation for our long-term success. His exceptional track record throughout his career is a tribute to his warm and welcoming nature which is the hallmark of great community bankers. Rest assured that the future strategic direction of our company will be to maintain a steady and conservative course while reaching for exciting new horizons,” said G. Robert Aston, Jr., Executive Chairman.
“I am excited about our future and look forward to working alongside Billy, our Chairman Brad Schwartz and our phenomenal management team to continue to serve our communities while creating value for our shareholder partners.” added Aston.
“The impact Morgan Davis has had on our company culture and the success we have achieved cannot be overstated. I look forward to working with Bob and the entire leadership team as we look to the future while staying 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, where he earned 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, Virginia.
About Towne Bank:
Founded in 1999, TowneBank is a relationship-based company, providing a full range of banking and other financial services, with the goal 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 more than 40 banking offices across Hampton Roads and Central Virginia, as well as Northeast and Central North Carolina, serving as a local leader in promoting social, cultural and economic in each community. Towne offers a competitive range of business and personal banking solutions, delivered only with the highest ethical standards. Experienced local bankers offering a superior level of expertise and personal attention to local decision-making are essential to TowneBank’s strategy. Towne has developed its capabilities beyond banking to provide expertise through its controlled divisions and subsidiaries including Towne Wealth Management, Towne Insurance Agency, Towne Benefits, TowneBank Mortgage, TowneBank Commercial Mortgage, Berkshire Hathaway HomeServices Towne Realty, Towne 1031 Exchange, LLC and Towne The Holidays. With total assets of $16.86 billion as of June 30, 2022, TowneBank is one of the largest banks headquartered in Virginia.
Caution 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 represent only the beliefs, expectations or opinions of TowneBank and its management team. direction regarding future events. , many of which, by their nature, are inherently uncertain and beyond TowneBank’s control. Forward-looking statements can be identified by the use of words such as “believe”, “expect”, “anticipate”, “intend”, “plan”, “estimate”, or words of similar meaning, or future or conditional terms. , such as “will”, “would”, “should”, “could”, “could”, “probable”, “probably”, or “maybe”. These statements may address matters involving significant risks, uncertainties, estimates and assumptions made by management. In addition, these forward-looking statements are subject to various risks, uncertainties and assumptions regarding future business strategies and decisions that are subject to change and difficult to predict with respect to the timing, extent, likelihood and degree of occurrence. .
Other 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 at the Securities Exchange Act Filing website operated by the FDIC at https://efr.fdic.gov/fcxweb/efr/index.html.
G. Robert Aston, Jr., Executive Chairman, 757-638-6780
J. Morgan Davis, general manager, 757-673-1673
William B. Littreal, CFO, 757-638-6813