TowneBank Announces Insurance Acquisition

Hampton Roads based TowneBank has announced that The Clement Companies insurance agency will affiliate with Towne Insurance Agency, a wholly owned subsidiary of TowneBank. This continues Towne Insurance’s expansion into North Carolina.

PRESS RELEASE

Hampton Roads based
TowneBank (Nasdaq:TOWN) announced that The Clement Companies, Inc.,
insurance agency will affiliate with Towne Insurance Agency, a wholly
owned subsidiary of TowneBank. This continues Towne Insurance’s
expansion into North Carolina.

The Clement Companies, headquartered in Greenville, North Carolina is
one of the most respected names in the insurance market place. The

Company’s insurance and risk management professionals provide a broad
scope of insurance products and services to a distinguished client list
from Eastern North Carolina to Raleigh, including Commercial Property
and Casualty, Personal Lines, Contract and Surety Bonding, Group and
Individual Health and Employee Benefits, and various Life products.

Jim Clement, President of The Clement Companies, Inc. commented, “We
are excited for the opportunity to join the TowneBank family.
TowneBank’s focus on relationships and community spirit fits perfectly
with our philosophy of superb personal service to our clients.”

“We are pleased to welcome The Clement Companies to the Towne Family.
The addition of these talented professionals will allow us to broaden
our platform of services available to our bank and insurance clients
while continuing our focus on providing exquisite service,” added F.
Dudley Fulton, President and CEO of Towne Insurance.

As one of the top community banks in Virginia and North Carolina,
TowneBank operates 25 banking offices serving Chesapeake, Hampton,
Newport News, Norfolk, Portsmouth, Suffolk, Virginia Beach,
Williamsburg, James City County and York County in Virginia along with
Moyock, Grandy, Camden, Southern Shores, Corolla and Kill Devil Hills
in North Carolina. Towne also offers a full range of financial services
through its controlled divisions and subsidiaries that include Towne
Investment Group, Towne Insurance Agency, TFA Benefits, TowneBank
Mortgage, TowneBank Commercial Mortgage, Prudential Towne Realty, Towne
1031 Exchange, LLC, and Corolla Classic Vacations. Through its
strategic partnership with William E. Wood and Associates, the Bank
also offers mortgage services in all of their offices in Hampton Roads
and Northeastern North Carolina. Local decision-making is a hallmark of
its hometown banking strategy that is delivered through the leadership
of each group’s President and Board of Directors. With total assets of
$4.41 billion as of December 31, 2012, TowneBank is one of the largest
banks headquartered in Virginia.

Cautionary Statement:

This release may contain forward-looking statements as defined by the
Private Securities Litigation Reform Act of 1995. These statements may
address issues that involve significant risks, uncertainties, estimates
and assumptions made by management. Factors that may cause actual
results to differ materially from those contemplated by such
forward-looking statements include competitive pressures in the banking
industry that may increase significantly, changes in the interest rate
environment may reduce margins and/or the volumes and values of loans
made or held as well as the value of other financial assets held,
general economic conditions, either nationally or regionally, may be
less favorable than expected, resulting in, among other things, a
deterioration in credit quality and/or a reduced demand for credit or
other services, changes in the legislative or regulatory environment,
including changes in accounting standards, may adversely affect our
businesses, costs or difficulties related to the integration of the
business and the businesses we have acquired may be greater than
expected, expected cost savings associated with pending or recently
completed acquisitions may not be fully realized or realized within the
expected time frame, our competitors may have greater financial
resources and develop products that enable them to compete more
successfully, changes in business conditions, changes in the securities
market and changes in our local economy with regards to our market area
and its heavy concentration of U.S. military bases and related
personnel. We assume no obligation to update information contained in
this release.

CONTACT: For more information contact:
G. Robert Aston, Chairman and CEO,
(757) 638-6780

William D. Sessoms, Jr., President,
Towne Financial Services Group,
(757) 417-6452

F. Dudley Fulton, President & CEO,
Towne Insurance,
(757) 351-3154

Leave a Reply

PEHUB Community

Join the 12505 members of peHUB to make connections, share your opinion, and follow your favorite authors.

Join the Community

Look Who’s Tweeting

PE HUB News Briefs

RSS Feed Widget

VCJ Headlines (subscribers only)

RSS Feed Widget

Buyouts Headlines (subscribers only)

RSS Feed Widget

Reuters VC and PE feed

RSS Feed Widget