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TowneBank (TOWN)

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TowneBank

5716 High Street West
Portsmouth, VA 23703
United States
757-638-7500
http://www.townebank.com

SectorFinancial
IndustryRegional - Mid-Atlantic Banks
Full Time Employees2,156

Key Executives

NameTitlePayExercisedAge
Mr. G. Robert Aston Jr.Chairman & CEO1.29MN/A72
Mr. J. Morgan DavisPres, Chief Banking Officer & Director890kN/A66
Mr. Clyde E. McFarland Jr.Sr. EVP & CFO537.47kN/A62
Mr. William B. LittrealSr. EVP and Chief Strategy & Investor Relations officer572.05kN/A47
Mr. Andrew S. FineDirector28.77kN/A80
Amounts are as of December 31, 2015 and compensation values are for the last fiscal year ending on that date. Pay is salary, bonuses, etc. Exercised is the value of options exercised during the fiscal year. Currency in USD.

Description

TowneBank provides retail and commercial banking services for small- and medium-size businesses, professionals, and individuals. The company operates in three segments: Banking, Realty, and Insurance. It accepts various deposits products, including demand deposits, negotiable order of withdrawal accounts, savings accounts, money rate savings, certificates of deposit, and individual retirement accounts. The company also offers secured and unsecured personal loans for financing automobiles, home improvements, education, and personal investments; commercial loans for working capital, business expansion, and equipment and machinery purchases; mortgage loans; and real estate construction and acquisition loans. In addition, it provides safe deposit boxes, cash management services, travelers’ checks, direct deposit of payroll and social security checks, and automatic drafts for various accounts, as well as Internet, mobile, and on-call banking services. Further, the company offers documentation services to accomplish tax deferral to investors; asset management and commercial mortgage brokerage services; and other financial services, such as financial, retirement, and estate planning services, as well as assistance on various investment options, such as alternative investments, annuities, margin accounts, convertible bonds, and pension and profit sharing plans. Additionally, it provides residential real estate, relocation, property management, vacations rental, and title and settlement services; and originates residential mortgage loans. The company offers life, property, casualty, and vehicle insurance services; travel, medical, and baggage protection insurance for travelers; and employee benefit programs, such as medical, dental, vision, and disability insurance. As of February 22, 2017, it operated 37 banking offices in Virginia and North Carolina. TowneBank was founded in 1998 and is based in Portsmouth, Virginia.

Corporate Governance

TowneBank’s ISS Governance QualityScore as of August 1, 2017 is 7. The pillar scores are Audit: 1; Board: 7; Shareholder Rights: 10; Compensation: 3.

Corporate governance scores courtesy of Institutional Shareholder Services (ISS). Scores indicate decile rank relative to index or region. A decile score of 1 indicates lower governance risk, while a 10 indicates higher governance risk.