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TowneBank Announces Insurance Acquisition

Stocks in this article: TOWN

SUFFOLK, Va., Feb. 1, 2013 (GLOBE NEWSWIRE) -- Hampton Roads based TowneBank (Nasdaq:TOWN) announced that The Clement Companies, Inc., insurance agency will affiliate with Towne Insurance Agency, a wholly owned subsidiary of TowneBank. This continues Towne Insurance's expansion into North Carolina.

The Clement Companies, headquartered in Greenville, North Carolina is one of the most respected names in the insurance market place. The Company's insurance and risk management professionals provide a broad scope of insurance products and services to a distinguished client list from Eastern North Carolina to Raleigh, including Commercial Property and Casualty, Personal Lines, Contract and Surety Bonding, Group and Individual Health and Employee Benefits, and various Life products.

Jim Clement, President of The Clement Companies, Inc. commented, "We are excited for the opportunity to join the TowneBank family. TowneBank's focus on relationships and community spirit fits perfectly with our philosophy of superb personal service to our clients."

"We are pleased to welcome The Clement Companies to the Towne Family. The addition of these talented professionals will allow us to broaden our platform of services available to our bank and insurance clients while continuing our focus on providing exquisite service," added F. Dudley Fulton, President and CEO of Towne Insurance.

As one of the top community banks in Virginia and North Carolina, TowneBank operates 25 banking offices serving Chesapeake, Hampton, Newport News, Norfolk, Portsmouth, Suffolk, Virginia Beach, Williamsburg, James City County and York County in Virginia along with Moyock, Grandy, Camden, Southern Shores, Corolla and Kill Devil Hills in North Carolina. Towne also offers a full range of financial services through its controlled divisions and subsidiaries that include Towne Investment Group, Towne Insurance Agency, TFA Benefits, TowneBank Mortgage, TowneBank Commercial Mortgage, Prudential Towne Realty, Towne 1031 Exchange, LLC, and Corolla Classic Vacations. Through its strategic partnership with William E. Wood and Associates, the Bank also offers mortgage services in all of their offices in Hampton Roads and Northeastern North Carolina. Local decision-making is a hallmark of its hometown banking strategy that is delivered through the leadership of each group's President and Board of Directors. With total assets of $4.41 billion as of December 31, 2012, TowneBank is one of the largest banks headquartered in Virginia.

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