TowneBank Names Chief Executive Officer Successor

TowneBank's Board of Directors selected William (Billy) I. Foster, III to succeed J. Morgan Davis when he steps down as Chief Executive Officer on December 31, 2022. Mr. Davis, who plans to retire on March 31, 2023 after assisting with the transition process, will continue to serve on the Board of Directors of the Company and as an executive consultant focused on mergers and acquisitions, member relations and other special projects. This announcement follows a months-long process led by a special committee formed by the Board to direct the search for Mr. Davis’ successor and to conduct a comprehensive review and assessment of the Company’s long-term management succession plan for its senior leadership management structure.
 

Mr. Foster joined the Towne family in 2004 as Regional President to lead the Bank’s expansion into the Norfolk community. Since that time he has served in several executive roles, including his current role as President of the Bank’s markets in Central Virginia and North Carolina. Prior to joining Towne, he served as the Eastern Region President of Central Fidelity Bank.

“Billy’s extraordinary leadership style is deeply rooted in the Towne culture of caring that serves as the foundation of our long-term success. His stellar record of achievement throughout his career stands as tribute to his warm, welcoming nature that is a hallmark of great community bankers. Rest assured, the future strategic direction of our Company will be to maintain a steady, conservative course while reaching for new and exciting horizons,” said G. Robert Aston, Jr., Executive Chairman.

“I am excited about our future and look forward to working alongside Billy, our President Brad Schwartz and our phenomenal executive leadership team in continuing to serve our communities while creating value for our shareholder partners,” Aston further stated.

“The impact Morgan Davis has made on the culture of our Company and the success we have achieved cannot be overstated. I look forward to working with Bob and the entire management team as we look to the future while remaining true to our culture of caring for others and enriching lives – in every community we serve,” added Mr. Foster.

Mr. Foster attended Old Dominion University, earning a BS in Business Administration with a major in Accounting and also earned an MBA from the College of William and Mary.

He and his wife Beth have three children and reside in Virginia Beach, VA.

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