TOWN TowneBank

TowneBank (the “Company” or “Towne”) (Nasdaq: TOWN) announced today the promotions of William T. Morrison to president and chief executive officer of Towne Financial Services Group and James M. Miller to chief executive officer of TowneBank Mortgage. The moves come as part of the Company’s new board-approved leadership succession plan.

As head of Towne Financial Services Group, Morrison will oversee the Company’s non-banking lines of business, including residential mortgage, insurance, real estate brokerage, wealth management, and vacation property management. He also will join Towne’s Corporate Management Group, which consists of the Company’s senior executive leadership team. Morrison has served as chairman and chief executive officer of the Company’s mortgage division since the merger in 2016 with Monarch Bank, where he had held a similar position at Monarch Mortgage. A graduate of Old Dominion University with over 35 years of leadership experience in banking and financial services, Morrison’s community involvement includes serving on the boards of An Achievable Dream and the Norfolk Innovation Corridor and as chair of the Old Dominion University Executive Advisory Council for the College of Business and Public Administration.

“Will’s leadership has brought tremendous success to TowneBank Mortgage,” said Executive Chairman G. Robert Aston, Jr. “Towne Financial Services Group represents significant sources of noninterest income for our company, and Will is well equipped to manage both the growth and efficiencies of how these revenue sources come together.”

Miller has served as president of TowneBank Mortgage since 2019 and will continue to hold that title in his new leadership position. Previously, he held the role of chief operating officer, a position he also carried at Monarch Mortgage. A banking industry veteran, he has served in leadership roles at community and regional financial institutions over the past several decades. Miller received his undergraduate degree from Bates College and his Master of Business Administration from Iona University. In the community, he is an active supporter and recent board member of Junior Achievement of Greater Hampton Roads.

“Jim has done an outstanding job in his current role at TowneBank Mortgage,” said Aston. “We are fortunate to have his continued and expanded leadership at the helm of TowneBank Mortgage and with our mortgage joint ventures.”

Founded in 1999, TowneBank is a company built on relationships, offering a full range of banking and other financial services, with a focus of serving others and enriching lives. Dedicated to a culture of caring, Towne values all employees and members by embracing their diverse talents, perspectives, and experiences.

Today, TowneBank operates over 40 banking offices throughout Hampton Roads and Central Virginia, as well as Northeastern and Central North Carolina – serving as a local leader in promoting the social, cultural, and economic growth in each community. Towne offers a competitive array of business and personal banking solutions, delivered with only the highest ethical standards. Experienced local bankers providing a higher level of expertise and personal attention with local decision-making are key to the TowneBank strategy. Towne has grown its capabilities beyond banking to provide expertise through its controlled divisions and subsidiaries that include Towne Wealth Management, Towne Insurance Agency, Towne Benefits, TowneBank Mortgage, TowneBank Commercial Mortgage, Berkshire Hathaway HomeServices Towne Realty, Towne 1031 Exchange, LLC, and Towne Vacations. With total assets of $16.86 billion as of June 30, 2022, TowneBank is one of the largest banks headquartered in Virginia.

For more information, contact:G. Robert Aston, Jr., Executive Chairman, 757-638-6780Sara Jo Rubin, Rubin Communications Group, 757-456-5212

Investor contact:William B. Littreal, Chief Financial Officer, 757-638-6813

Photos accompanying this announcement are available at

https://www.globenewswire.com/NewsRoom/AttachmentNg/f8beec46-dde2-499c-93a3-f056bd199413

https://www.globenewswire.com/NewsRoom/AttachmentNg/b001e631-6c47-4e4d-a41f-c5358f47c2a3