SUFFOLK, Va., April 23, 2026 (GLOBE NEWSWIRE) -- TowneBank (NASDAQ:TOWN) announced today that its Board of Directors declared a onetime special dividend of $0.70 per common share payable on May 20, 2026 to shareholders of record as of the close of business on May 4, 2026.

The total dividend payout of approximately $65 million represents a payment to our shareholders of roughly 32% of the estimated $203 million gain, before taxes and deal costs, recognized by TowneBank on the sale of its Resort Property Management business that was completed on April 3, 2026 for a purchase price of $250 million.

"Throughout the years we have executed on the unique strategy of building intrinsic value for our shareholders through various investments in non-bank businesses. Today's special dividend is a result of the success of our strategy," said G. Robert Aston, Jr., Executive Chairman.

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, Towne values all employees and members by embracing their diverse talents, perspectives, and experiences.

Today, TowneBank operates over 70 banking offices throughout Hampton Roads and Central Virginia, Eastern and Central North Carolina, the Greenville and upstate region of South Carolina, and Charleston, South 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, and Towne Trust Company, N.A. With total assets of $22.36 billion as of March 31, 2026, 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