TowneBank (TOWN)

29.17 -0.40 (-1.35%) At close: 4:00PM EST

TowneBank

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

Sector(s): Financial Services
Industry: Banks—Regional
Full Time Employees: 2,800

Key Executives

Name	Title	Pay	Exercised	Year Born
Mr. G. Robert Aston Jr.	Exec. Chairman	1.06M	N/A	1945
Mr. J. Morgan Davis	Pres, CEO & Director	885.98k	N/A	1951
Mr. William B. Littreal	Sr. EVP, CFO & Director of Investor Relations	568.26k	33.55k	1970
Mr. Brad E. Schwartz CPA	Sr. EVP, COO & Director	669.5k	N/A	1963
Mr. William I. Foster III	Pres of Central Virginia & the Carolinas	626.52k	N/A	1956
Mr. Kevin L. Fly	Sr. EVP & Chief Accounting Officer	N/A	N/A	1966
Mr. George P. Whitley	Chief Legal Officer & Sr. EVP of Virginia Bus.	N/A	N/A	1953
Mr. Scott V. Williams	Exec. VP and Director of Marketing & Member Experience	N/A	N/A	N/A
Mr. R. Lee Clark	Sr. EVP & Chief HR Officer	N/A	N/A	N/A
Mr. Thomas L. Hasty III, CRP	Sr. Exec. VP of Regulatory Management	N/A	N/A	1956

Amounts are as of December 31, 2019 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 individuals, professionals, and commercial enterprises. The company operates in three segments: Banking, Realty, and Insurance. It accepts various deposits products, including demand deposits, 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; and mortgage loans, as well as real estate acquisition, development, and construction loans. In addition, it provides other services, such as safe deposit boxes, treasury management services, direct deposit of payroll and social security checks, and automatic drafts for various accounts, as well as online, mobile, and on-call banking services. Further, the company offers documentation services to accomplish tax deferral to investors; investment and asset management services; 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, travel, and vehicle insurance services; medical, and baggage protection insurance for travelers; and employee benefit programs, such as health, dental, vision, and disability insurance. It operates 42 banking offices in Virginia and North Carolina. TowneBank was founded in 1998 and is headquartered in Portsmouth, Virginia.

Corporate Governance

TowneBank’s ISS Governance QualityScore as of December 2, 2020 is 8. The pillar scores are Audit: 1; Board: 9; Shareholder Rights: 9; Compensation: 5.

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.