TowneBank Announces Cash Dividend on Preferred Stock

Wed Oct 24, 2012 5:43pm EDT

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SUFFOLK, Va., Oct. 24, 2012 (GLOBE NEWSWIRE) -- Hampton Roads based TowneBank (Nasdaq:TOWN) announced today that its Board of Directors on October 24, 2012 declared a quarterly cash dividend of $2.00 per preferred share on its 8% Non-Cumulative Convertible Preferred Stock, Series A. The dividend is payable on December 3, 2012 to shareholders of record on November 15, 2012.

The amount and declaration of future cash dividends are subject to Board of Director's approval in addition to regulatory restrictions.

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 $4.32 billion as of September 30, 2012, 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
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