Towne

FTC and Wisconsin Take Action Against Rhinelander Auto Center for Illegally Discriminating Against American Indian Customers and Charging Unlawful Junk Fees

Retrieved on: 
Thursday, October 26, 2023
Douglas v. U.S. District Court ex rel Talk America, Consumer protection, Federal Trade Commission, Commission, Complaint, Social media, Financial institution, State, News, Wind, Rock Island State Park (Wisconsin), Justice, Deception, Wisconsin Department of Agriculture, Trade and Consumer Protection, White, Guaranteed asset protection insurance, Wisconsin Department of Financial Institutions, District court, Partnership, FTC, Blog, Department, Better Business Bureau, Wisconsin Department of Justice, Insurance, Transport, Towne
Key Points: 

FTC and Wisconsin Take Action Against Rhinelander Auto Center for Illegally Discriminating Against American Indian Customers and Charging Unlawful Junk Fees

Retrieved on: 
Tuesday, October 24, 2023
Douglas v. U.S. District Court ex rel Talk America, Consumer protection, Federal Trade Commission, Commission, Complaint, Social media, Financial institution, State, News, Wind, Rock Island State Park (Wisconsin), Justice, Deception, Wisconsin Department of Agriculture, Trade and Consumer Protection, White, Guaranteed asset protection insurance, Wisconsin Department of Financial Institutions, District court, Partnership, FTC, Blog, Department, Better Business Bureau, Wisconsin Department of Justice, Insurance, Transport, Towne

“Working closely with the State of Wisconsin, we are holding these dealerships accountable for discriminating against American Indian customers and sneaking junk fees onto consumers’ bills,” said Samuel Levine, Director of the FTC’s Bureau of Consumer Protection.

Key Points: 
  • “Working closely with the State of Wisconsin, we are holding these dealerships accountable for discriminating against American Indian customers and sneaking junk fees onto consumers’ bills,” said Samuel Levine, Director of the FTC’s Bureau of Consumer Protection.
  • The complaint cites one survey of Rhinelander customers that shows half of the dealer’s customers said they were charged for add-ons without authorization or through deception.
  • Rhinelander and Towne discriminated against American Indian customers in the cost of financing by adding more “markup” to their interest rates, according to the FTC’s complaint.
  • This additional markup cost American Indian customers $401 more on average compared to non-Latino white customers.
  • In addition, the complaint alleges that American Indian customers were charged for unwanted add-ons at a higher rate than non-Latino white customers.

TowneBank Reports Second Quarter 2023 Earnings

Retrieved on: 
Thursday, July 27, 2023
Aston, Berkshire Hathaway, Lender option borrower option, Pressure, Insurance, TowneBank Stadium, BHHS, HomeServices of America, FHLB, Current Expected Credit Losses, FDIC, Software, Sale, Mechanics' and Farmers' Bank of Albany, Acquisition, Towne, Environment, Second, Total, Farmer, Bank, Video game, Real estate, Security (finance), Coal, Cryptocurrency, Reinsurance, Beauty salon

Highlights for Second Quarter 2023:

Key Points: 
  • Highlights for Second Quarter 2023:
    Total revenues were $181.57 million, an increase of $14.59 million, or 8.74%, compared to second quarter 2022.
  • The effective tax rate of 18.41% in the quarter compared to 19.32% in second quarter 2022 and 20.03% in the linked quarter.
  • The allowance for credit losses on loans in second quarter 2023, compared to the linked quarter, increased $3.51 million.
  • Residential purchase activity comprised 96.32% of production volume in the second quarter of 2023 compared to 92.27% in the prior year quarter.

TowneBank Reports First Quarter 2023 Earnings

Retrieved on: 
Thursday, April 27, 2023
Aston, Lender option borrower option, Pressure, TowneBank Stadium, Partnership, FHLB, Current Expected Credit Losses, Sale, Mechanics and Farmers Bank, Acquisition, Growth, Environment, Total, Video game, Real estate, Pharmaceutical industry, Security (finance), Bank, Cryptocurrency, Insurance, Reinsurance, Towne, Farmer

SUFFOLK, Va., April 27, 2023 (GLOBE NEWSWIRE) -- TowneBank ("Towne") (NASDAQ: TOWN) today reported earnings for the quarter ended March 31, 2023 of $38.33 million, or $0.52 per diluted share, compared to $45.59 million, or $0.63 per diluted share, for the quarter ended March 31, 2022.

Key Points: 
  • SUFFOLK, Va., April 27, 2023 (GLOBE NEWSWIRE) -- TowneBank ("Towne") (NASDAQ: TOWN) today reported earnings for the quarter ended March 31, 2023 of $38.33 million, or $0.52 per diluted share, compared to $45.59 million, or $0.63 per diluted share, for the quarter ended March 31, 2022.
  • Excluding acquisition-related items, core earnings (non-GAAP) for the quarter ended March 31, 2023 were $46.30 million, or $0.62 per diluted share, compared to $45.63 million, or $0.63 per diluted share, for the quarter ended March 31, 2022.
  • Effective tax rate of 20.03% in the quarter compared to 19.77% in first quarter 2022 and 19.90% in the linked quarter.
  • The ratio of net charge-offs to average loans on an annualized basis was 0.14% in first quarter 2023, 0.01% in first quarter 2022, and 0.11% in the linked quarter.

Aubrey L. Layne Jr. and J. Christopher Perry Join TowneBank Corporate Board of Directors

Retrieved on: 
Tuesday, March 14, 2023
Aston, University of Colorado Student Government, Berkshire Hathaway, Farmer, Transport, Virginia Port Authority, ODU, Connecticut Business Hall of Fame, KPMG, MBA, Mechanics and Farmers Bank, Hyatt, Newport News, Virginia, Gender representation on corporate boards of directors, Knowledge, Automotive Executive of the Year Award, Junior Achievement, Choice Hotels, Marriott International, Trustee, Norfolk Academy, Culture, TowneBank Stadium, President of the University of Richmond, University, Business Hall of Fame, Old Dominion University, Management, Sentara Healthcare, Greater Richmond Region, Towne, Central North Carolina

SUFFOLK, Va., March 14, 2023 (GLOBE NEWSWIRE) -- TowneBank (Nasdaq: TOWN) is pleased to announce that the TowneBank Board of Directors has appointed Aubrey L. Layne, Jr. and J. Christopher Perry to its Corporate Board.

Key Points: 
  • SUFFOLK, Va., March 14, 2023 (GLOBE NEWSWIRE) -- TowneBank (Nasdaq: TOWN) is pleased to announce that the TowneBank Board of Directors has appointed Aubrey L. Layne, Jr. and J. Christopher Perry to its Corporate Board.
  • In addition, Layne has been appointed to serve on the Norfolk regional board for TowneBank, and Perry has been appointed to serve on the Virginia Beach regional board for TowneBank.
  • He serves on the foundation board for An Achievable Dream and the board of commissioners for the Virginia Port Authority.
  • “TowneBank is honored to have both Aubrey and Chris join our Corporate Board of Directors,” said William I.

TowneBank Names Clark as Chief Operating Officer

Retrieved on: 
Thursday, January 5, 2023
TowneBank Stadium, Business administration, Bachelor of Business Administration, Business, Berkshire Hathaway, Old Dominion University, Culture, Master of Business Administration, College, Management, Piedmont (United States), Towne, Greater Richmond Region

SUFFOLK, Va., Jan. 05, 2023 (GLOBE NEWSWIRE) -- TowneBank (the “Company” or “Towne”) (Nasdaq: TOWN) is pleased to announce the promotion of R. Lee Clark to Chief Operating Officer.

Key Points: 
  • SUFFOLK, Va., Jan. 05, 2023 (GLOBE NEWSWIRE) -- TowneBank (the “Company” or “Towne”) (Nasdaq: TOWN) is pleased to announce the promotion of R. Lee Clark to Chief Operating Officer.
  • With three decades of experience in financial services, Clark joined the TowneBank family in 2006 as a senior business analyst and went on to leadership roles in loan administrations and banking operations before taking over as chief human resources officer in 2019.
  • Regarding Clark’s appointment, Chief Executive Officer Billy Foster shared, “Throughout his career at TowneBank, Lee has led with a steady hand and calm demeanor.
  • With total assets of $15.95 billion as of September 30, 2022, TowneBank is one of the largest banks headquartered in Virginia.

TowneBank Announces Quarterly Cash Dividend

Retrieved on: 
Monday, November 28, 2022
Culture, TowneBank Stadium, Berkshire Hathaway, Holding company, Bank, Towne, Greater Richmond Region, Piedmont (United States)

The amount and declaration of future cash dividends are subject to Board of Directors approval in addition to regulatory restrictions.

Key Points: 
  • The amount and declaration of future cash dividends are subject to Board of Directors approval in addition to regulatory restrictions.
  • 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.
  • Experienced local bankers providing a higher level of expertise and personal attention with local decision-making are key to the TowneBank strategy.
  • With total assets of $15.95billion as of September30, 2022, TowneBank is one of the largest banks headquartered in Virginia.

TowneBank Announces Retirement and Transition of President and Chief Operating Officer Roles

Retrieved on: 
Wednesday, November 23, 2022
Aston, Growth, Culture, TowneBank Stadium, Retirement, Berkshire Hathaway, Management, Bank, Towne, Greater Richmond Region, Piedmont (United States)

SUFFOLK, Va., Nov. 23, 2022 (GLOBE NEWSWIRE) -- TowneBank (the Company or Towne) (Nasdaq: TOWN) announced today that Brad E. Schwartz, Townes president and chief operating officer, will retire from the Company on December 31, 2022.

Key Points: 
  • SUFFOLK, Va., Nov. 23, 2022 (GLOBE NEWSWIRE) -- TowneBank (the Company or Towne) (Nasdaq: TOWN) announced today that Brad E. Schwartz, Townes president and chief operating officer, will retire from the Company on December 31, 2022.
  • Following his retirement at year end, Mr. Schwartz will serve as a senior advisor through 2025 to ensure a smooth transition of his roles and responsibilities.
  • Mr. Schwartz joined Towne in 2016 as chief operating officer with the merger of Monarch Bank, where he served as chief executive officer since 2009.
  • With total assets of $15.95 billion as of September 30, 2022, TowneBank is one of the largest banks headquartered in Virginia.

TowneBank Promotes Morrison and Miller

Retrieved on: 
Thursday, October 13, 2022
Aston, Berkshire Hathaway, Bates College, Insurance, Morrison, Culture, Growth, Business administration, Master of Business Administration, LLC, Income, Business, Old Dominion University, College, Leadership, GLOBE, CSUSB College of Business and Public Administration, Miller, TowneBank Stadium, Management, Towne, Greater Richmond Region, Piedmont (United States)

SUFFOLK, Va., Oct. 13, 2022 (GLOBE NEWSWIRE) -- TowneBank (the Company or Towne) (Nasdaq: TOWN) announced today the promotions of William T. Morrison to president and chief executive officer of Towne Financial Services Group and James M. Miller to chief executive officer of TowneBank Mortgage.

Key Points: 
  • SUFFOLK, Va., Oct. 13, 2022 (GLOBE NEWSWIRE) -- TowneBank (the Company or Towne) (Nasdaq: TOWN) announced today the promotions of William T. Morrison to president and chief executive officer of Towne Financial Services Group and James M. Miller to chief executive officer of TowneBank Mortgage.
  • Miller has served as president of TowneBank Mortgage since 2019 and will continue to hold that title in his new leadership position.
  • We are fortunate to have his continued and expanded leadership at the helm of TowneBank Mortgage and with our mortgage joint ventures.
  • With total assets of $16.86 billion as of June 30, 2022, TowneBank is one of the largest banks headquartered in Virginia.

TowneBank Promotes Skinner, Davis and Wallace

Retrieved on: 
Tuesday, October 11, 2022
Paragon, Aston, Berkshire Hathaway, Christopher Newport University, Insurance, Culture, Paragon Banking Group, Growth, LLC, Virginia Peninsula, Miami University, University, Company, Triad, State university system, GLOBE, TowneBank Stadium, Management, Towne, Greater Richmond Region, Piedmont (United States)

Matt Davis will become the president and regional banking director for North Carolina, including the Triangle, Charlotte, Triad and Greenville markets.

Key Points: 
  • Matt Davis will become the president and regional banking director for North Carolina, including the Triangle, Charlotte, Triad and Greenville markets.
  • After the merger, Davis served as president of Paragons legacy North Carolina markets and was selected as the Companys chief strategy and risk officer in 2019.
  • Experienced local bankers providing a higher level of expertise and personal attention with local decision-making are key to the TowneBank strategy.
  • With total assets of $16.86 billion as of June 30, 2022, TowneBank is one of the largest banks headquartered in Virginia.