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Towne Bank
As of May 30, 2026 at 24:05 UTC
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About Towne Bank
Towne Bank is a financial services company serving individuals, commercial enterprises and professionals, offering retail and commercial banking services in Virginia and North Carolina. The company has four reportable segments: Banking, which provides loan and deposit services, commercial mortgage brokerage, and investment and asset management services; Mortgage, which originates mortgage loans principally sold in the secondary market through purchase commitments from investors; Resort Vacation Management, which provides residential resort property management services; and Insurance, which provides property, casualty, life and health insurance solutions for businesses, individuals and community organizations through a variety of carriers.
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Latest News
5 articlesTowneBank (NASDAQ: TOWN) announced a second-quarter cash dividend of $0.28 per share, representing a 3.7% increase from the previous rate. The bank also approved a one-time $25 million donation to the TowneBank Foundation following the sale of its Resort Property Management business for $250 million in April 2026.
TowneBank announced a 3.7% increase in its quarterly dividend to $0.28 per share, raising the annual rate to $1.12. Following the sale of its Resort Property Management business for $250 million and a special dividend of $0.70 per share, the bank's board approved a $25 million donation to the TowneBank Foundation to support charitable organizations in its service communities.
TowneBank (NASDAQ:TOWN) announced a special one-time cash dividend of $0.70 per share payable May 20, 2026, totaling approximately $65 million. The dividend represents roughly 32% of the estimated $203 million pre-tax gain from the sale of its Resort Property Management business completed on April 3, 2026 for $250 million.
TowneBank (NASDAQ: TOWN) completed the sale of its Resort Property Management segment, Towne Vacations, to Belcrest Vacations Acquisitions, LLC for $250 million. The bank's leadership stated the transaction creates shareholder value and positions the business for future growth under new ownership.
TowneBank (NASDAQ: TOWN), a Hampton Roads-based bank with $19.69 billion in total assets, announced a first-quarter shareholder cash dividend of $0.27 per common share payable on April 10, 2026. The bank operates over 70 banking offices across Virginia, North Carolina, and South Carolina, offering comprehensive banking and financial services through multiple affiliated companies.