TowneBank announces a quarterly cash dividend of $0.27 per share, an 8% increase, payable on July 11, 2025.
Quiver AI Summary
TowneBank, based in Hampton Roads, Virginia, has announced a second-quarter cash dividend of $0.27 per common share, payable on July 11, 2025, to shareholders on record by June 27, 2025. This marks an 8% increase from the previous dividend rate, with future dividends subject to Board approval and regulatory guidelines. Founded in 1999, TowneBank emphasizes relationship-based banking and offers a comprehensive range of financial services. The bank operates over 55 offices across Hampton Roads, Central Virginia, and parts of North Carolina, contributing to local economic and cultural growth. It has reported total assets of $17.51 billion as of March 31, 2025, positioning itself as one of Virginia's largest banks.
Potential Positives
- Hampton Roads based TowneBank declared a second-quarter cash dividend of $0.27 per common share, representing an 8% increase from the previous dividend rate, indicating strong financial performance and commitment to returning value to shareholders.
- The company maintains a robust asset base of $17.51 billion as of March 31, 2025, positioning it as one of the largest banks headquartered in Virginia, reflecting its stability and growth in the market.
- The dividend is payable on July 11, 2025, to shareholders of record on June 27, 2025, reinforcing the company’s commitment to regular shareholder returns and fostering investor confidence.
- The announcement highlights TowneBank's extensive local presence with over 55 offices, showing its active involvement in promoting social, cultural, and economic growth in the communities it serves.
Potential Negatives
- The announcement includes a stipulation that future cash dividends are subject to Board of Directors' approval and regulatory restrictions, indicating potential uncertainty in future dividend payouts.
- The dividend increase may signal that the company is prioritizing short-term shareholder returns over long-term investments or growth opportunities.
FAQ
What is the amount of the TowneBank cash dividend for Q2 2025?
The cash dividend for Q2 2025 is $0.27 per common share.
When will the TowneBank dividend be paid?
The dividend will be paid on July 11, 2025.
What is the record date for the TowneBank dividend?
Shareholders must be on record by June 27, 2025, to receive the dividend.
How much has the dividend increased from the previous rate?
The dividend has increased by 8% from the previous rate.
What services does TowneBank offer?
TowneBank offers banking, wealth management, insurance, and mortgage services, among others.
Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.
$TOWN Hedge Fund Activity
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- VICTORY CAPITAL MANAGEMENT INC added 429,487 shares (+19.9%) to their portfolio in Q1 2025, for an estimated $14,684,160
- BRIDGEWAY CAPITAL MANAGEMENT, LLC removed 310,122 shares (-90.1%) from their portfolio in Q4 2024, for an estimated $10,562,755
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- EMPOWERED FUNDS, LLC removed 189,252 shares (-84.0%) from their portfolio in Q4 2024, for an estimated $6,445,923
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Full Release
SUFFOLK, Va., May 14, 2025 (GLOBE NEWSWIRE) -- Hampton Roads based TowneBank (NASDAQ: TOWN) announced today that its Board of Directors declared its second-quarter shareholder cash dividend of $0.27 per common share payable on July 11, 2025, to shareholders of record on June 27, 2025. The quarterly common stock cash dividend of $0.27 per common share, or $1.08 per common share on an annual basis, is an 8% increase from the previous dividend rate.
The amount and declaration of future cash dividends are subject to Board of Directors’ approval in addition to regulatory restrictions.
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, TowneBank values all employees and members by embracing their diverse talents, perspectives, and experiences.
Today, TowneBank operates over 55 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. TowneBank has grown its capabilities beyond banking to provide expertise through its affiliated companies that include Towne Wealth Management, Towne Insurance Agency, Towne Benefits, TowneBank Mortgage, TowneBank Commercial Mortgage, Berkshire Hathaway HomeServices RW Towne Realty, Towne 1031 Exchange, LLC, and Towne Vacations. With total assets of $17.51 billion as of March 31, 2025, TowneBank is one of the largest banks headquartered in Virginia.
Media contact:
G. Robert Aston, Jr., Executive Chairman, 757-638-6780
William I. Foster III, President and Chief Executive Officer, 757-417-6482
Investor contact:
William B. Littreal, Chief Financial Officer, 757-638-6813
