TowneBank

TowneBank
Company typePublic company
NasdaqTOWN
Russell 3000 component
IndustryFinancial services
FoundedSeptember 3, 1998 (1998-09-03)
HeadquartersSuffolk, Virginia, U.S.
Number of locations
44 branches
Key people
Bob Aston, chairman
Billy Foster, president and chief executive officer
ProductsBanking, investments
RevenueIncrease $686.935 million (2022)
Decrease $188.987 million (2022)
Total assetsDecrease $15.845 billion (2022)
Total equityDecrease $1.889 billion (2022)
Number of employees
2,766 (2022)
Websitewww.townebank.com
Footnotes / references
[1]

TowneBank is a bank headquartered in Suffolk, Virginia with 44 branches in Virginia and North Carolina. They have owned the naming rights to TowneBank Stadium and TowneBank Tower at Dowdy–Ficklen Stadium since 2019.[2]

While remaining headquartered in Suffolk, their financial services wing, which includes mortgage, insurance, and benefits, operates out of the TowneBank Building in Downtown Norfolk, Virginia.[3]

On August 19, 2025, TowneBank announced plans to acquire Dogwood State Bank, a Raleigh-based community bank, in an all-stock transaction valued at $476.2 million.[4] As of June 30, 2025, Dogwood State Bank had $2.4 billion in assets and operated 17 branches in North Carolina, South Carolina, and Tennessee.[4][5] The deal requires regulatory approval and is expected to close in 2026.[4][5]

References

  1. ^ "TowneBank 2022 Annual Report" (PDF). TowneBank. Retrieved March 23, 2023.
  2. ^ "Christopher Newport University announces new football stadium name". 13 News Now. August 16, 2019. Retrieved March 23, 2023.
  3. ^ "TowneBank and CHKD buy Norfolk Southern building in downtown Norfolk". WAVY.com. 2020-06-24. Retrieved 2023-06-15.
  4. ^ a b c Ohnesorge, Lauren (19 August 2025). "Raleigh bank to be acquired, creating $22B institution". Triangle Business Journal. American City Business Journals. Retrieved 19 August 2025.
  5. ^ a b Mildenberg, David (19 August 2025). "TowneBank buying Raleigh's Dogwood for $476M". Business North Carolina. Retrieved 19 August 2025.