TowneBank Announces New Mortgage Chairman and President

Wed Oct 31, 2012 4:09pm EDT

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SUFFOLK, Va., Oct. 31, 2012 (GLOBE NEWSWIRE) -- Hampton Roads based TowneBank (Nasdaq:TOWN) has announced the appointment of Jacqueline B. Amato as Chairman and CEO of TowneBank Mortgage. Amato has served as President of TowneBank Mortgage since its founding in 2000. Under her leadership, the company has expanded from Hampton Roads to Raleigh, NC; Richmond, VA and Roanoke, VA, originating more than $1 billion in loans annually. TowneBank Mortgage is currently one of the largest mortgage companies in Virginia.

Effective December 1, 2012, J.G. Carter will join TowneBank Mortgage as President. Carter brings 29 years of experience in the mortgage banking industry most recently as the EVP of Correspondent Lending for SunTrust Mortgage. "I have known and worked with J. G. for 20 years and am excited to add his knowledge and expertise to our team as we continue to grow our mortgage operations throughout the Eastern seaboard," stated Amato.

"As we evaluated the rapid growth and expansion of our mortgage operation, we recognized the need for additional leadership to ensure our continued commitment to quality," said G. Robert Aston, Jr., Chairman and CEO of TowneBank. "Ms. Amato and Mr. Carter will work closely together in supporting our existing operations and in seeking new growth opportunities."

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: For more information contact:
         
         G. Robert Aston, Jr.
         TowneBank, Chairman and CEO
         757-638-6780
         
         Jacqueline B. Amato
         TowneBank Mortgage, Chairman and CEO
         757-687-5000
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