TowneBank | About Towne (2024)

FAQs

Is TowneBank a local bank? ›

Today, TowneBank operates 51 banking offices throughout Hampton Roads, Central Virginia, and Northeastern and Central North Carolina. As a practical expression of our mission, TowneBank is intentional about being a local leader in each community—actively promoting social, cultural, and economic growth.

Billy Foster is the President and Chief Executive Officer of TowneBank. Billy oversees the growth and profitability of the bank.

TowneBank opened in 1999 and is now one of the largest banks headquartered in Virginia. Founded in Hampton Roads, locations now stretch from the coast to Richmond and central Virginia, and in North Carolina from the Outer Banks to Charlotte. Our bankers can help you with both business and personal banking services.

FDIC deposit insurance protects our TowneBank members. Because of this, our members don’t need to purchase deposit insurance as it is automatic for any deposit account opened at TowneBank. Deposits are insured up to at least $250,000 per depositor, per ownership category at TowneBank.

Portsmouth, VA

TowneBank / Headquarters

The average TowneBank executive compensation is $230,000 a year.

Senior Executive Vice President, Chief Financial Officer

Bill Littreal is responsible for managing the company's finances, including financial planning, management of financial risk, recordkeeping, and reporting.

Based on our data team's research, Adam Bortz is the Towne Properties's CEO. Towne Properties has 100 employees, of which 17 are in a leadership position.

Forbes has ranked TowneBank as the #9 bank on its 2022 Best Banks in America list, taking the top spot among all competitors in Virginia and North Carolina. This is the fourth year that TowneBank has appeared on Forbes' list and the first time appearing in the top ten.

What is the total assets of TowneBank? ›

Total assets on the balance sheet as of June 2024 : $17.06 B

According to TowneBank 's latest financial reports the company's total assets are $17.06 B. A company's total assets is the sum of all current and non-current assets, such as inventories, cash and cash equivalents, properties and equipment.

But, at TowneBank, we take that commitment more seriously than just checking a box, we've gone above and beyond year over year and continuously earn an 'Outstanding' rating from the CRA since 1999 because serving our communities and enriching the lives of those around us is deeply rooted in our culture.

A local bank typically offers products and services tailored to consumers and businesses in the community where the bank is located. Advantages of using such a small, neighborhood bank may include personalized service, higher deposit account rates and lower fees.

Local area banks are referred to as small private banks with low-cost structures that provide financial services limited by the area of operation. These banks usually function in rural and semi-urban areas and three main contiguous districts.

Town & Country Bank has been a locally owned bank for over a century.

Geographic focus: Regional banks generally concentrate their operations and branch networks within a specific geographic area, such as a state or a group of neighboring states. This localized focus allows them to establish a strong presence in their target market and cater to customers' unique needs within that region.