Corporate Board

Ms. Amato served as Chairman and Chief Executive Officer of TowneBank Mortgage from 2012 through 2016. Previously, she was President of TowneBank Mortgage from 2000 to 2012. Ms. Amato has over 30 years of experience running a successful mortgage company. Ms. Amato's extensive experience with corporate strategy and the mortgage industry provide invaluable insight and guidance to our Board.

Mr. Aston served as Chairman of the Board and Chief Executive Officer from the founding of TowneBank in 1998 until March 2018. In March 2018, in connection with the formation of a new Corporate Management Group as part of a long-term management succession plan, Mr. Aston assumed the position of Executive Chairman of the Board. Prior to the founding of TowneBank, Mr. Aston served as President and Chief Executive Officer of BB&T of Virginia from 1995 to 1998 and as President and Chief Executive Officer of Commerce Bank, Virginia Beach, Virginia, from 1985 until its acquisition by BB&T in 1995. Mr. Aston began his career at Citizens Trust Company in 1964 and rose through the ranks to serve as President and Chief Executive Officer from 1981 to 1985. Through his over 55 years of service to the community as a hometown banker and the leader of several community banks, Mr. Aston has gained a significant level of management experience in all aspects of community banking.

Mr. Benson has served as Vice Chairman of the Board of Directors of TowneBank since the merger of Monarch with TowneBank in 2016. Mr. Benson has served as a partner of The Overton Group, Inc.. (real estate development and management), in Suffolk, Virginia, since 1985. Mr. Benson served as a director of Monarch until the merger with TowneBank in 2016. Mr. Benson's companies are involved in the development and management of commercial real estate, residential development and construction, as well as office and industrial development. Mr. Benson is active in local youth activities. He also serves on the Board of Trustees of Liberty University. Mr. Benson's significant involvement in the residential and commercial real estate markets provides meaningful value and insight to the Board.

Ret. Judge Bray has served as Chairman of Beazley Foundation, Inc. (private foundation), Portsmouth, Virginia, since September 2002. He retired as Senior Judge, Court of Appeals of Virginia, in 2002. Judge Bray has served as Lead Director of the Board of Directors of TowneBank since 2017. Judge Bray's legal career spanned 32 years, culminating with him serving as Senior Judge on the Court of Appeals of Virginia. He has over 20 years of experience serving on the boards of three banking institutions, including TowneBank. Judge Bray's experience in the legal community and his experience gained serving as a director in the banking industry are valuable assets to the Board.

Mr. Cherry has served as Chairman of the Board and Secretary of Cherry Carpet, Inc. since December 2010 and President of Cherry Properties Associates, L.C., Portsmouth, Virginia, since 1989. Mr. Cherry also served as President and Chief Executive Officer of Cherry Carpet, Inc. from 1989 to December 2010.

J. Morgan Davis is the current Chief Executive Officer of TowneBank. Mr. Davis is a 37-year banking veteran and has previously served as President and Chief Executive Officer of Towne Financial Services and as President of TowneBank of Virginia Beach.

Mr. Ellis has served as President of Ellis-Gibson Development Group (real estate development and property management), Virginia Beach, Virginia, since 1988. Mr. Ellis has over 40 years of experience in commercial real estate, including over 25 years as founder and President of the Ellis-Gibson Development Group. He has also served on the boards of several civic and business organizations, including the Virginia Beach Development Authority. Mr. Ellis' extensive business, civic, and real estate experience in the local community, combined with his service as a TowneBank regional director, makes him a valuable asset to the Board.

Mr. Failes has served as Vice Chairman of the Board of Directors of TowneBank since 2017. Mr. Failes, a retired certified public accountant, was the founder and owner of one of the largest local public accounting firms in the state of Virginia. Mr. Failes spent over 30 years in public accounting, working with a diverse cross-section of businesses in the local community, including banking institutions. Mr. Failes also has two decades of experience as a director of banking institutions and has served as a member on many civic and nonprofit boards.

Mr. Fine serves as Co-Chair of The Runnymede Corporation (real estate development), Virginia Beach, Virginia. Mr. Fine has an extensive legal, business, and banking background. He has over 40 years of experience serving as a bank director, including 20 years with TowneBank. Mr. Fine's business background and his expertise in banking and legal matters make him a valuable member of the Board.

Since 2020, Billy has served as President, Central Virginia and the Carolinas. Since 2005, he has held numerous leadership positions with TowneBank including President, Commercial and Real Estate Banking and President of our Virginia Beach and Norfolk markets. With over 30 years of experience in the banking industry, he has gained an extensive background in both retail and commercial real estate banking. “I love working with our bankers to understand how TowneBank can really make a difference in helping their businesses grow and ultimately serving our communities. It is truly an honor.”

Mr. Hatley retired from TowneBank in 2019. He had served as President of TowneBank North Carolina since January 2018, when Paragon Commercial Corporation ("Paragon") and its wholly owned subsidiary, Paragon Commercial Bank ("Paragon Bank"), were merged into TowneBank. Previously, he served as President, CEO, and a director of Paragon and Paragon Bank since 1998. Mr. Hatley founded Paragon in 1998 and has a total of over 40 years of banking experience.

Mr. Jung joined TowneBank as a director in January 2018 when Paragon was merged into TowneBank. He previously served as Chairman of the Board of Directors of Paragon Bank since 1999, and as Chairman of the Board of Directors of Paragon since 2001, until their merger with TowneBank. He has extensive prior experience as a corporate director, having served as a director of the Ace Hardware Corporation from 1987 to 1996 and as Chairman of the Board at Ace Hardware Corporation from 1998 to 2003. Mr. Jung also owned and served as Vice President of Ace Hardware Stores, Inc. in Raleigh, North Carolina from 1997 to 2016.

Mr. Lawson serves as Executive Chairman of W.M. Jordan Company, Inc. (general construction contractor), Newport News, Virginia. Prior to assuming the Executive Chairman position in 2018, he served as President and Chief Executive Officer of the company. He was a director of Harbor Bank from 1996 to 2004, when it was acquired by TowneBank. Mr. Lawson provides the valuable perspective gained from more than 35 years of leading a large, general construction firm as the Chief Executive Officer.

Mr. Layne has been the Executive Vice President of Governance and External Affairs for Sentara Healthcare (not-for-profit health care delivery system), Norfolk, Virginia, since 2021. Mr. Layne was Secretary of Finance for the Commonweath of Virginia from 2018 to 2021 and Secretary of Transportation for the Commonwealth of Virginia from 2014 to 2018. He currently serves as the Chair of the Board of Commissioners of the Virginia Port Authority. Mr. Layne served on TowneBank’s regional Peninsula Board of Directors until 2014.

Mr. Layne brings years of leadership and business expertise to the TowneBank Board. He has also served on the boards of numerous civic and business organizations. His experience in both the local community and throughout Virginia, combined with his past service as a TowneBank regional director, has created an innovative leader that will help move our community forward.

Mr. Lester served as President of Eastern Virginia Medical School ("EVMS"), Norfolk, Virginia, from 2005 until 2013. Previously, Mr. Lester was a member of the EVMS Board of Visitors for five years and served a portion of that time as Rector of the EVMS Board. Previously, he served as an officer in the U.S. Navy and had a successful career in commercial real estate of over 30 years. An active community leader, he serves on numerous boards, including serving 20 years as a regional director for TowneBank. Mr. Lester provides extensive senior management and community service experience, as well as his knowledge of banking and commercial real estate.

Mr. Lewis has served as President of Lewis Gibbs Corporation (automobile dealership holding company), Chesapeake, Virginia, and Treasurer of First Team Automotive Group, Chesapeake, Virginia, since 1999. Mr. Lewis has over 45 years of experience as the owner/ operator of new auto dealerships and over 35 years of experience as a director of banking institutions.

Dr. Marioneaux has served as an ophthalmologist in Chesapeake, Virginia, since 1989. Dr. Marioneaux has been active in numerous civic and professional organizations. Dr. Marioneaux was one of five recipients of the Benjamin F. Boyd Humanitarian Medal for Services to the Americas in 2011, presented by the Pan-American Association of Ophthalmology, for her successful efforts to ship over $500,000 of ophthalmology equipment to Haiti after the earthquake in 2011. Dr. Marioneaux provides our Board with a valuable combination of community service experience and banking industry expertise gained through her tenure as a member of the Board and the Company's Chesapeake Regional Board.

Dr. Montero is retired from practice as a General and Thoracic Surgeon. Dr. Montero is the Founder and Chairman of Montero Medical Missions, which provides medical missions and creates sustainable healthcare projects through physicians and allied health professionals in the U.S. and abroad. Dr. Montero has over 30 years of experience serving on the boards of banking institutions, including TowneBank. He also served the local community as a general/thoracic surgeon for 35 years. Dr. Montero brings a unique perspective to our Board by combining banking industry expertise with a strong focus on service in the community.

Mr. Morgan retired from TowneBank in 2011. He served as President and Senior Credit Officer of TowneBank from 1999 until his retirement in 2011. During Mr. Morgan's 47 years in banking and financial services, he served in numerous leadership roles focusing on lending, policy, review, and management. As one of the founding officers of TowneBank, Mr. Morgan brings to our Board a deep understanding of our Company's business, history, and organization, as well as extensive leadership, community banking expertise, and management experience.

Mr. Morrison serves as the President & Chief Executive Officer, Towne Financial Services Group since October 2022. He previously served as the Chairman and Chief Executive Officer of the TowneBank Mortgage and Realty Group since the merger of Monarch Financial Holdings, Inc. ("Monarch") with TowneBank in 2016 to 2022. Before that, he served as Chief Executive Officer of Monarch Mortgage from 2011 until the merger with TowneBank. Mr. Morrison has over 30 years of banking experience and has previously served as Chief Operating Officer and Chief Credit Officer at local community banks. He has served on the boards of several prominent community and educational organizations. Mr. Morrison's experience, leadership, and skills in the financial and mortgage lending industries are critical in leading our mortgage division and bring significant value to our Board

Mr. Norment has served as a Commissioner of Accounts for the City of Williamsburg, Virginia, and James City County, Virginia, since 2009. He also served as a professor at the College of William & Mary from 2008 to 2020. In addition, he is "of counsel" to the law firm of Kaufman & Canoles, P. C., where he was formerly a partner. Mr. Norment has represented the 3rd Senatorial District as a Virginia State Senator since 1992. Mr. Norment's experience as an elected public official provides insight into the workings of state government and the issues facing the citizens living and working in our Hampton Roads and Richmond markets.

Mr. Oman retired in April 2020, upon the sale of his business, Oman Funeral Homes, Inc., Chesapeake, Virginia, where he served as President since 1985. Mr. Oman served as a director of Monarch until the merger with TowneBank in 2016. Mr. Oman is a former board member and Chairman of the Chesapeake Hospital Authority, which serves as the governing body for the Chesapeake Regional Medical Center. As a former small business owner and native of Chesapeake. Mr. Oman brings value and insight into our business banking focus as well as the community.

Mr. Owens is President and Chief Executive Officer of R.V. Owens Enterprises LLC (real estate development firm), Kill Devil Hills, North Carolina. He also served as owner of R.V.’s Restaurant in Nags Head, North Carolina.

Mr. Perry is the founder and has served as Chief Executive Officer of Suburban Capital (privately held hospitality company), Virginia Beach, Virginia, since 1999.  Mr. Perry served on TowneBank’s regional Virginia Beach Board of Directors until 2015.

Mr. Perry brings years of management experience and expertise to the TowneBank Board, and he understands the needs of developing businesses.  His service on the boards of various organizations in the local community, combined with his service as a TowneBank regional director, is invaluable as TowneBank continues to carry out its mission.

Ms. Robertson retired in December 2018 as Chief Financial Officer of Monument Restaurants, LLC, Richmond, Virginia, upon the sale of the company. She was a director of Franklin Financial Corporation and Franklin Savings Bank until their merger with TowneBank in 2015. Previously, she worked with KPMG LLP and Virginia Resources Authority. Ms. Robertson has extensive experience in audit and public accounting. Her involvement in multiple business and civic organizations in the Richmond, Virginia community provides valuable insight regarding our business and operations.

Mr. Schaubach has served as Chief Executive Officer and President of Schaubach Companies of Virginia, Inc., (operations include home and business security systems, HVAC and oil systems, real estate management and development) Norfolk, Virginia, since 1975. Mr. Schaubach served as a director of Monarch until its merger with TowneBank in 2016. Mr. Schaubach has served as both an owner of several small and medium sized businesses. Mr. Schaubach's entrepreneurial experience allows him to provide insight into the community and bring meaningful value to our business banking focus.

Mr. Schwartz served as President of TowneBank (from July 2021 to December 2022) and as Chief Operating Officer of TowneBank from 2016, when Monarch was merged into TowneBank, until his retirement in December 2022. Previously, he served as Chief Executive Officer of Monarch from 2009 until 2016 and as Chief Financial Officer/Chief Operating Officer of Monarch from 2004 until 2009. Mr. Schwartz has served on the Board of Directors for the Federal Reserve Bank of Richmond, the Virginia Bankers Association, and the Board of Visitors for Longwood University. His experience, leadership, and skills in the financial services industry bring value to the Board and the Company.

Mr. Thurmond currently serves as the Southeast Regional President of Howard Hanna Real Estate Services. He served as President of William E. Wood and Associates (realty company), Virginia Beach, Virginia, from 1990 until its merger with Howard Hanna Real Estate Services in December 2013.

Mr. Witt serves as Dean of the Luter School of Business at Christopher Newport University, Newport News, Virginia. Previously, Mr. Witt served as Chief Executive Officer of PBMares, LLP (accounting and business consulting firm), Newport News, Virginia, from its formation in January 2013 until his retirement from the firm in December 2020. He previously served as Chief Executive Officer of Witt Mares, PLC from 1989 until its merger with PBGH, LLP in January 2013. He also served as a director of Harbor Bank from 1996 to 2004, when it was acquired by TowneBank. Mr. Witt is a licensed CPA and has served numerous clients in various industries, giving him broad-based experience and expertise in financial operating and reporting matters. Mr. Witt provides an expertise in technical auditing and reporting matters related to financial institutions, which, combined with his experience as Chief Executive Officer of a large regional public accounting and business consulting firm, is a unique and valuable asset to the Board.