SUFFOLK, Va., May 25, 2011 (GLOBE NEWSWIRE) -- Hampton Roads based TowneBank (Nasdaq:TOWN) announced today the planned retirement from full time status on June 30, 2011 of TowneBank co-founder, President and Senior Lending Officer, R. Scott Morgan. In retirement, he will continue to serve on the bank's Board of Directors as well as the Bank Executive Committee. He will also continue to provide consulting services and assist with special projects.
"Scott and I have worked together for over 42 years and as Scott once said, we have been neither divorced nor separated during that time." stated G. Robert Aston, Jr., Chairman and Chief Executive Officer. Mr. Morgan joined Mr. Aston at Citizens Trust Bank in Portsmouth as a management trainee in 1969. After the bank merged with Bank of Virginia in 1985, he once again joined with Mr. Aston and numerous other Citizens Trust management team members in reorganizing and developing Commerce Bank in Virginia Beach.
Following the merger of Commerce Bank and BB&T in 1995, he served BB&T as an Executive Vice President and Corporate Banker. In the summer of 1998, Mr. Morgan along with Mr. Aston resigned from BB&T and along with long-time associate, William T. Hodsden, began meeting in Aston's garage to organize and start TowneBank. They were soon joined by nearly 100 of their former associates and friends. Today TowneBank is the largest community bank in Hampton Roads as well as Virginia with nearly $4 billion in assets.
"I've had the privilege of working among the most experienced, competent and caring team members that exist in our banking markets," stated Morgan.
"The best of TowneBank is yet to come. It will be eventually driven by our younger management associates who have the opportunity to glean years of experience and knowledge from our senior staff," stated Morgan.
"I leave a truly quality team of bankers who know this business and will work diligently for our shareholders, our members and our communities," added Morgan.
"Scott will always be an integral part of TowneBank. His legacy will provide inspiration to all of our young bankers as they seek to emulate the warm, caring style that Scott embraced each day in serving others," Aston added.
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.
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.
CONTACT: G. Robert Aston, Chairman and CEO 757-638-6780 Clyde E. McFarland, Jr., Senior Executive Vice President and CFO 757-638-6801
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