Profile: Towne Bank (TOWN.OQ)
23 Sep 2016
TowneBank, incorporated on September 3, 1998, is a community bank. The Bank offers personal banking services and business banking services. The Bank operates through three segments: Banking, Realty and Insurance. The Bank provides checking accounts, cards, savings, money markets and certificate of deposits (CDs), mobile banking, financial management software, private banking and switch kit. The Bank also offers auto loans, home equity loans, construction loans, lot loans, recreational vehicles, mortgage loans, land acquisition loans, construction loans, development Loans, and personal loans and lines of credit. The Bank provides investing and retirement loans, insurance loans and real estate loans. Its treasury services include receivables, liquidity and sweep accounts, payables and reporting. The Bank operates approximately 40 banking offices serving Chesapeake, Chesterfield County, Glen Allen, Hampton, James City County, Mechanicsville, Newport News, Norfolk, Portsmouth, Richmond, Suffolk, Virginia Beach, Williamsburg, and York County in Virginia, along with Moyock, Grandy, Camden County, Southern Shores, Corolla and Nags Head in North Carolina. The Bank offers a range of financial services through its banking and non-banking subsidiaries.
The Bank's principal subsidiaries include TowneBank Investment Corporation; Towne Investments, LLC; Towne Insurance Agency, LLC (Towne Insurance); TowneBank Commercial Mortgage, LLC; TFA Benefits; Out of Town, LLC (Red Sky); Towne Financial Services Group, LLC; NewTowne Mortgage, LLC; Towne Mortgage of the Carolinas, LLC; Homesale Mortgage, LLC; SimonTowne Mortgage, LLC; Towne 1031 Exchange, LLC (Towne 1031 Exchange); Towne Vacations, LLC (Beach Properties), and Towne Realty, LLC (Towne Realty), which includes Lawyers Escrow and Title, LLC (Virginia Home Title). The Bank also has two controlled divisions: Towne Investment Group, which provides investment and asset management services, and TowneBank Mortgage, which originates mortgage loans PART 1 and sells them to investors on the national secondary market.
The Bank's Banking segment provides loan and deposit services to retail and commercial customers. The Bank also provides commercial mortgage brokerage services and a range of investment and asset management services. The Banking segment includes the operations of TowneBank Investment Corporation; Towne Investments, LLC; TowneBank Commercial Mortgage, LLC; Towne 1031 Exchange, and Towne Investment Group. Through its Banking segment, the Bank offers a 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. It also offers a range of short- to medium-term personal and commercial loans. Its personal loans include secured and unsecured loans for financing automobiles, home improvements, education and personal investments. Its commercial loans include secured and unsecured loans for working capital, business expansion, and equipment and machinery purchases. The Bank originates fixed- and floating-rate mortgage loans, as well as real estate construction and acquisition loans.
The Bank's other services include safe deposit boxes, cash management services, travelers' checks, direct deposit of payroll and Social Security checks, and automatic drafts for various accounts. In addition, it offers services to facilitate access to banking information, such as Internet banking, mobile banking, and on-call banking, are offered. Through Towne Investment Group, the Bank offers other financial services, such as financial, retirement and estate planning. The Bank also offers assistance on a range of investment options, including alternative investments, annuities, margin accounts, convertible bonds, and pension and profit-sharing plans.
The Bank's Realty segment provides residential real estate services, originations of a range of mortgage loans, resort property management, and residential and commercial title insurance. The Realty segment includes the operations of TowneBank Mortgage; Towne Mortgage, LLC; NewTowne Mortgage, LLC; SimonTowne Mortgage, LLC; Towne Mortgage of the Carolinas, LLC; Homesale Mortgage, LLC; Beach Properties; Virginia Home Title, and Towne Realty. The Bank 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. Its vacations rentals business specializes in resort property management, offering vacation rentals with various resort properties in Hilton Head, South Carolina. TowneBank Mortgage processes residential mortgage loans, from application acceptance to loan closing and funds disbursement. In addition to relocation and property management services, it offers title and settlement services, perform real estate closings for residential properties, and issue title insurance policies for both residential and commercial transactions.
The Bank's Insurance segment provides property and casualty insurance, as well as employee and group benefits through Towne Insurance and TFA Benefits. Through Towne Insurance, the Bank offers a line of commercial and consumer insurance products, and financial services. Through TFA Benefits, the Bank offers health, life dental, vision and disability plans to employers, brokers and individuals. The Insurance segment provides individual and business members with a range of insurance products, including life, property, casualty and vehicle insurance. Through Red Sky, the Bank offers travel, medical and baggage protection insurance for travelers through vacation property management companies. Through TFA Benefits, the Bank also offers employee benefit programs, including medical, dental, vision, life and disability insurance.
5716 High St W
PORTSMOUTH VA 23703-4502