Profile: Towne Bank (TOWN.OQ)
27 Mar 2015
TowneBank incorporated on October 12, 1999, offers retail and commercial banking services to the Greater Hampton Roads region in southeastern Virginia and northeastern North Carolina. The Banking segment provides loan and deposit services to retail and commercial customers. It also provides commercial mortgage brokerage services and a variety of investment and asset management services. The Realty segment provides complete residential real estate services, originations of a variety of mortgage loans, resort property management, and commercial residential title insurance. The Insurance segment provides property and casualty insurance as well as employee and group benefits through Towne Insurance and TFA Benefits. Through Towne Insurance, it offers a full line of commercial and consumer insurance products and financial services. Through TFA Benefits, it offers health, life dental, vision and disability plans to employers, brokers, and individuals.
Banking and Other Financial Services
Through banking segment, the Bank offers a full range of deposit products, including checking accounts, Negotiable Order of Withdrawal (NOW) accounts, savings accounts, and various types of time deposit services, which range from daily money market accounts to long-term certificates of deposit. The transaction accounts and certificates of deposit are tailored by market area at rates competitive to those offered in the area. In addition, it offers retirement account services, such as Individual Retirement Accounts. All deposit accounts are insured by the Deposit Insurance Fund of the Federal Deposit Insurance Corporation (FDIC) up to the maximum amount allowed by law and are solicited from individuals, businesses, associations and organizations, and governmental authorities.
The Bank also offers a full range of short to medium term personal and commercial loans. Personal loans include secured and unsecured loans for financing automobiles, home improvements, education, and personal investments. Commercial loans include secured and unsecured loans for working capital, business expansion, and equipment and machinery purchases. Additionally, the Bank originates fixed- and floating-rate mortgage loans, as well as real estate construction and acquisition loans. Other services offered include safe deposit boxes, cash management services, travelers’ checks, direct deposit of payroll, Social Security checks, and automatic drafts for various accounts. In addition, services to facilitate access to banking information, such as Internet banking, mobile banking, and on-call banking, are also offered.
The Bank assists customers with the process of buying or selling a home. Additionally, it also provides other realty related services, including relocation services for individuals and families, including those in the military; and property management services for single-family homes, condominiums, townhomes, apartments, offices, vacation rentals, and retail establishments.
The Insurance segment provides individual and business members with a wide array of insurance products, including life, property, casualty, and vehicle insurance. Through Red Sky it offers travel, medical, and baggage protection insurance for travelers via vacation property management companies. Through TFA Benefits, using nationally recognized carriers, it also offers employee benefit programs, including medical, dental, vision, life, and disability insurance tailored to the members’ unique needs.
5716 High Street,Portsmouth City
PORTSMOUTH VA 23703-4502