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SUFFOLK, Va., May 28, 2014 (GLOBE NEWSWIRE) -- Hampton Roads based TowneBank (Nasdaq:TOWN) announced today that its Board of Directors on May 28, 2014 declared a cash dividend of $2.50 per share on its Series C Fixed-Rate Non-Cumulative Perpetual Preferred Stock. This preferred dividend is payable on July 1, 2014, to the shareholder of record as of June 16, 2014. This is the eleventh quarterly dividend payment to the U.S. Department of the Treasury, the shareholder of record, on the preferred stock issued to it by TowneBank under the Small Business Lending Fund Program.
The amount and declaration of future cash dividends are subject to Board of Directors' approval in addition to regulatory restrictions.
As one of the top community banks in Virginia and North Carolina, TowneBank operates 27 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. 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 $4.78 billion as of March 31, 2014, TowneBank is one of the largest banks headquartered in Virginia.
CONTACT: G. Robert Aston, Chairman and CEO, (757) 638-6780
Clyde E. McFarland, Jr., Senior Executive Vice
President and CFO (757) 638-6801