SUFFOLK, Va., Sept. 15, 2009 (GLOBE NEWSWIRE) -- Hampton Roads based TowneBank (Nasdaq:TOWN) announced today its inclusion in the prestigious Sandler O'Neill and Partners "2009 Bank and Thrift Sm-All Stars" report.
In its "2009 Bank and Thrift Sm-All Stars" report, Sandler O'Neill recognized TowneBank among the top 30 best performing small capitalization publicly traded banks and thrifts in the U.S. with a market capitalization of less than $2 billion. TowneBank was one of only eight institutions to be selected for this list in both 2008 and 2009.
Sandler O'Neill evaluated the institutions based on absolute performance in each of eight financial variables focused on growth, profitability, credit quality and capital strength. In its report, Sandler O'Neill commented, "In all, our screening methodology eliminated 479 institutions, or 94% of the institutions being evaluated. The performance metrics of the remaining 30 institutions are outstanding, with the Class of 2009 delivering bottom line results that are markedly better than the industry as a whole." New York-based Sandler O'Neill is one of the best-known and most highly regarded investment firms specializing in the commercial banking industry. Additional information can be found on their website at www.sandleroneill.com.
G. Robert Aston, Jr., Chairman & Chief Executive Officer said, "We are pleased to be recognized among the finest community banks in the country. We believe this is a reflection of the great performance of the best banking team in town combined with the steadfast support of our Hampton Roads community."
As one of Virginia's top community banks, TowneBank now operates 17 banking offices in Chesapeake, Hampton, Portsmouth, Newport News, Virginia Beach, Norfolk, Williamsburg and York County. 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, Corolla Classic Vacations and Corolla Real Estate. 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 $3.49 billion as of June 30, 2009, 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: TowneBank
G. Robert Aston, Chairman and CEO
(757) 638-6780
Clyde E. McFarland, Jr., Senior Executive Vice President and
CFO
(757) 638-6801