TowneBank reported earnings of $38.29 million for the third quarter, setting another record.
“Net income increased 41.05 percent over 2017, credit quality remained strong and our return on average assets was 1.40 percent,” executive chairman G. Robert Aston Jr. stated in a Thursday press release.
Towne, which is one of the top community banks headquartered in Virginia, has $11.12 billion in total assets as of Sept. 30. It operated 40 banking offices and offers a wealth of financial services in Virginia and North Carolina.
Three new strategic leadership positions will be added Jan. 1.
The current leadership team includes: Aston; J. Morgan Davis, president and CEO; William B. Littreal, chief financial officer; and Brad E. Schwartz, chief operating officer.
Brian K. Skinner, who joined Towne in 2007, will be the chief banking officer. His main responsibility will be the leadership and development of all community banking strategies.
He will also work with Davis to further the development and integration of all the controlled divisions and subsidiaries within the Towne Financial Services Group. Skinner has 28 years of industry experience and most recently served as regional executive officer for the Peninsula/Williamsburg area.
Dawn S. Glynn, who was the director of private banking and most recently operated as regional executive officer for Portsmouth/Chesapeake/Suffolk, will take on the role of president, retail and private banking.
A founding member of the bank, Glynn will focus on pursuing deposit gathering activities for the leadership and development of the bank’s private and retail banking network.
In addition, she will be responsible for the design, implementation and administration of Towne’s sales incentive plans.
The third newly created position of president, commercial and real estate banking will be held by William I. Foster.
Foster has been with TowneBank since 2004 and has more than 33 years of industry experience.
His new position will entail leading and developing real estate and commercial teams for loan growth and lending and relationship development.
“Our Towne family is blessed with the extraordinary level of talent throughout the organization. With these additions, our long-term management succession plan can continue to evolve over the next few years,” Aston stated. “I look forward to working with this expanded management team in shaping a bright future for Towne.”
