TowneBank Announces CEO Transition
27 Enero 2022 - 7:35AM
TowneBank (the “Company” or “Towne”) (Nasdaq: TOWN) announced today
that J. Morgan Davis, a founding member of the Company and current
Chief Executive Officer, plans to retire in 2022. In order to
ensure a smooth and orderly transition process, Mr. Davis intends
to remain in his current position until the appointment of his
successor and will help with the transition as necessary, after
which he will serve as a senior advisor to the Company.
Mr. Davis has held a variety of key leadership roles at the
Company since its founding in 1999, and served as President from
2011 through 2021, and as Chief Executive Officer since 2018, a
position he will continue to hold until his successor is
appointed.
“Morgan has played an instrumental role in the launch and steep
growth trajectory of Towne into the $16 billion asset company it is
today,” said G. Robert Aston, Jr., the Company’s founding Chairman
and Chief Executive Officer and current Executive Chairman. “His
impact on the success of Towne as well as his contribution to the
personal and professional success of so many of our Towne family
members, including most notably my own, is simply beyond
measure.”
Mr. Davis added, “Helping start and grow Towne over the past 23
years has been an incredibly satisfying and exciting journey. I
cannot thank enough all of my Towne family and the many members of
the communities we serve who have helped me in this most wonderful
time of my life. Most especially, I thank my friend Bob Aston who
always brings out the very best in those around him. I look forward
to watching our amazing team continue our mission of serving others
and enriching lives.”
Consistent with the Company’s management succession plan, its
Board of Directors is leading the succession planning process and
has formed a management succession committee. In addition to
directing the search for Mr. Davis’ successor, the committee has
been tasked with conducting a comprehensive review and assessment
of the Company’s long-term management succession plan for its
senior leadership management structure. Mr. Aston added, “Our Towne
family is blessed to have an extraordinary group of leaders
throughout the Company. As with any team, it is simply a matter of
matching the right talent with the appropriate role.”
To ensure a high level of executive management continuity, the
Company also reported that Mr. Aston has re-affirmed his intent to
continue to serve as Executive Chairman of the Company for the
remaining three-year term of his employment agreement.
About TowneBank:
Founded in 1999, TowneBank is a company built on relationships,
offering a full range of banking and other financial services, with
a mission 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 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 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 $16.36 billion as of December 31,
2021, TowneBank is one of the largest banks headquartered in
Virginia.
Forward-Looking Statements:
This press release contains certain
forward-looking statements as defined by the Private Securities
Litigation Reform Act of 1995. Forward-looking statements are not
historical facts, but instead represent only the beliefs,
expectations, or opinions of TowneBank and its management regarding
future events, many of which, by their nature, are inherently
uncertain. Forward-looking statements may be identified by the use
of such words as: “believe,” “expect,” “anticipate,” “intend,”
“plan,” “estimate,” or words of similar meaning, or future or
conditional terms, such as “will,” “would,” “should,” “could,”
“may,” “likely,” “probably,” or “possibly.” These statements may
address issues that involve significant risks, uncertainties,
estimates, and assumptions made by management. Any forward-looking
statements made by us or on our behalf speak only as of the date
they are made or as of the date indicated, and we do not undertake
any obligation to update forward-looking statements as a result of
new information, future events, or otherwise. For information on
the factors that could materially influence forward-looking
statements included in this release, see the “Risk Factors” in
TowneBank’s Annual Report on Form 10-K for the year ended December
31, 2020 and related disclosures in other filings that have been,
or will be, filed by TowneBank with the Federal Deposit Insurance
Corporation.
For more information,
contact:G. Robert Aston, Jr. 757-638-6780William B.
Littreal 757-638-6813
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