TowneBank (TOWN)

Overview

TowneBank, established in 1998 and headquartered in Portsmouth, Virginia, is an institution that provides a comprehensive range of retail and commercial banking services tailored to meet the needs of individuals, commercial enterprises, and professionals. With its operations spread across Richmond, Virginia, the Greater Hampton Roads area in southeastern Virginia, northeastern North Carolina, Raleigh, Charlotte, Greensboro, and Greenville in North Carolina, the bank encompasses three key segments: Banking, Realty, and Insurance. This diversified model allows TowneBank to offer an extensive portfolio of financial products and services, thereby enabling clients to manage their finances more effectively and efficiently.

Products and Services

• Banking Solutions

Including a variety of deposit accounts such as demand deposits, savings accounts, money rate savings, certificates of deposit, and individual retirement accounts. TowneBank also provides both secured and unsecured personal loans, catering to a multitude of needs, from automobile financing and home improvements to education and personal investments. Furthermore, the commercial loan services support businesses in working capital procurement, business expansion, and purchases of equipment and machinery. Mortgage lending services encompass both residential mortgages as well as real estate acquisition, development, and construction loans.

• Treasury and Management Services

Offering a range of services that include safe deposit boxes, treasury management, direct deposit for payroll and social security checks, and automated drafts for various accounts. These are complemented by modern banking conveniences such as online, mobile, and on-call banking, enhancing the accessibility and management of finances.

• Investment and Asset Management

TowneBank extends its financial services to include documentation services for tax deferral, investment and asset management, and commercial mortgage brokerage services. This is augmented with financial, retirement, and estate planning services, offering advice on diverse investment options like alternative investments, annuities, margin accounts, convertible bonds, and arranging for pension and profit-sharing plans.

• Realty Services

The bank's realty segment delivers residential real estate services, relocation assistance, property management, vacation rentals, and title and settlement services. Apart from originating residential mortgage loans, these services ensure comprehensive support for real estate transactions and management.

• Insurance and Employee Benefit Programs

To safeguard the financial wellbeing of its clients, TowneBank furnishes an array of insurance services covering life, property, casualty, and vehicle insurance. Additionally, it offers employee benefit programs that encompass health, dental, vision, and disability insurance, facilitating employers to furnish comprehensive benefits to their employees.