SUFFOLK, Va., May 21, 2014 (GLOBE NEWSWIRE) -- Hampton Roads based TowneBank (Nasdaq:TOWN) announced today that its Board of Directors on May 20, 2014 declared its second-quarter shareholder cash dividend of $0.11 per common share payable on July 11, 2014 to shareholders of record on June 27, 2014. The quarterly common stock cash dividend of $0.11 per common share, or $0.44 per common share on an annual basis, is a 10% increase from the previous dividend rate.
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.