TOWN TowneBank

TowneBank (the “Company” or “Towne”) (Nasdaq: TOWN) is pleased to announce the promotion of R. Lee Clark to Chief Operating Officer. In this role, Clark will have responsibility for bank operations and continue to oversee human resources. He will also become a member of the corporate management team.

With three decades of experience in financial services, Clark joined the TowneBank family in 2006 as a senior business analyst and went on to leadership roles in loan administrations and banking operations before taking over as chief human resources officer in 2019. He received a Bachelor of Business Administration in finance from the College of William & Mary and a Master of Business Administration from the Strome College of Business at Old Dominion University.

Regarding Clark’s appointment, Chief Executive Officer Billy Foster shared, “Throughout his career at TowneBank, Lee has led with a steady hand and calm demeanor. His operational experience at TowneBank, track-record of consistent follow-through, and commitment to our culture of caring make him ideally suited to lead our knowledgeable and experienced operations group.”

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 $15.95 billion as of September 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

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/85671559-0182-4e2a-b96b-c24e3ed416ca