Company Profile
- TowneBank (NASDAQ: TOWN) (“the bank”), headquartered in Portsmouth, Virginia, is a diversified, commercially-oriented, community bank underpinned by a private banking model and complemented by high scale mortgage, insurance, and property management businesses. TOWN’s footprint encompasses leading or competitive deposit market shares across the eastern shores of VA, central VA (Richmond), as well as higher growth second-tier MSAs in NC (Charlotte, Raleigh-Cary).
- TOWN has been moderately acquisitive, with two whole-bank acquisitions completed since the start of 2023. TOWN recently announced the in-market acquisition of Old Point Financial Corporation (“Old Point”), which is expected to close in 2H25, would give the bank proforma assets of ~$19.5 billion. This deal further enhances the bank’s Hampton Roads Franchise that has a leading market position with ~34% deposit market share.
- The loan portfolio, which is commercial-focused, was comprised of…