TOWN TowneBank

Hampton Roads based TowneBank (NASDAQ: TOWN) announced today that its Board of Directors on February 22, 2023 declared its first-quarter shareholder cash dividend of $0.23 per common share payable on April 12, 2023 to shareholders of record on March 30, 2023.

The amount and declaration of future cash dividends are subject to Board of Directors’ approval in addition to regulatory restrictions.

Annual Meeting of Shareholders:

TowneBank announced that its 2023 Annual Meeting of Shareholders will be held at 11:30 a.m. on Wednesday, May 24, 2023, at the Virginia Beach Convention Center, 1000 19th Street in Virginia Beach, Virginia.

About TowneBank: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, the bank operates over 45 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 Investment Group, 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 $15.85 billion as of December 31, 2022, TowneBank is one of the largest banks headquartered in Virginia.

Media contact:G. Robert Aston, Jr., Executive Chairman, 757-638-6780William I. Foster, III, President and Chief Executive Officer, 757-417-6482

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