SUFFOLK, Va., June 24, 2011 (GLOBE NEWSWIRE) -- Hampton Roads based TowneBank (Nasdaq:TOWN) announced the election of R. V. Owens, III to the bank's Board of Directors. In addition he was also appointed to the Regional Board of Directors for TowneBank of Currituck, a division of TowneBank.
Owens is President and CEO of R.V. Owens Enterprises, LLC, a real estate development and diversified business firm headquartered in Kill Devil Hills, North Carolina. A native of Manteo, North Carolina and a life long resident of the Outer Banks of North Carolina, he is a graduate of the University of Richmond.
"We are delighted to have R.V. join our Board of Directors," said G. Robert Aston, Jr., Chairman and CEO. "He has been a friend to the bank and has played an active role in helping us establish a market presence in Northeastern North Carolina. His knowledge of the Outer Banks and Northeastern North Carolina communities will enable us to better serve the citizens of the new communities Towne now serves through our recent affiliation with The Bank of Currituck."
Owens resides in Manteo, North Carolina with his wife, Julie, and their two children.
As one of the top community banks in Virginia and North Carolina, TowneBank operates 26 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 $3.97 billion as of March 31, 2011, TowneBank is one of the largest banks headquartered in Virginia.
Forward-Looking Statements:
This release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. These statements may address issues that involve significant risks, uncertainties, estimates and assumptions made by management. Factors that may cause actual results to differ materially from those contemplated by such forward-looking statements include competitive pressures in the banking industry that may increase significantly; changes in the interest rate environment may reduce margins and/or the volumes and values of loans made or held as well as the value of other financial assets held; general economic conditions, either nationally or regionally, may be less favorable than expected, resulting in, among other things, a deterioration in credit quality and/or a reduced demand for credit or other services; changes in the legislative or regulatory environment, including changes in accounting standards, may adversely affect our business; costs or difficulties; related to the integration of the business and the businesses we have acquired may be greater than expected; expected cost savings associated with pending or recently completed acquisitions may not be fully realized or realized within the expected time frame; our competitors may have greater financial resources and develop products that enable them to compete more successfully; changes in business conditions, changes in the securities market and changes in our local economy with regards to our market area and its heavy concentration of U. S. military bases and related personnel. We assume no obligation to update information contained in this release.