Annual Meeting Celebrates America 250 and the TowneBank Story

At our annual meeting of shareholders, held at the Virginia Beach Convention Center on Wednesday, May 20, executive chairman Bob Aston led the audience on a journey back in time to 1607, recognizing America’s founding moments and all of the revolutionary spirit and innovation that would lead us to 2026 and our nation’s celebration of 250 years of independence.  

At the heart of the American story are tales of entrepreneurial perseverance, and for TowneBank, our American story is possible thanks to our founding shareholders and all who have joined us since. Banking local is a choice, and Bob expressed his deep appreciation to our board of directors, whose advocacy helps to drive our performance. “You’re trusting us with your most valuable asset – your reputation – to help us build this company,” he said, “and I take that very seriously.” 

The crowd of over 900 shareholders and friends celebrated the company’s 2025 performance that resulted in an increased dividend, a special dividend for the sale of Towne Vacations, and a “community” dividend in the form of $17 million put back into organizations in the communities we serve.

The meeting also served as an occasion to recognize the lasting commitment of two retiring corporate board members – founding director Juan “Doc” Montero II and Robert C. “Bob” Hatley, founder of Paragon Bank. Each was presented with a resolution in appreciation of distinguished service. Community bank directors and founders are special visionaries, and these two gentlemen are shining examples. 

As president and CEO Billy Foster turned attention to the next five years of TowneBank, he shared his excitement for the company’s new frontiers. “I don’t know that I’ve been as excited about the future of this company as I am right now,” he said. He introduced Steve Jones and our new partners from Dogwood State Bank. Steve joins the Corporate Management Group as president of the Carolinas, overseeing our expanded markets in Fayetteville, Morehead City, Sanford, and Wilmington, and Winston-Salem, North Carolina, and Greenville, Mount Pleasant, and the Upstate area of South Carolina, as well as our existing presence in Cary, Charlotte, Greensboro, Greenville, and Cary. Billy pointed out that all three states where we will now offer banking are among the Top 10 best states for business.  

In all the places TowneBank goes, our financial professionals support those pursuing the American Dream. We applaud the multi-generational businesses that pass down special skills and legacies worth keeping. We celebrate the special community of people – shareholders, employees, members, and community partners – who make up the Towne family and join us each year to make our annual meeting a truly exceptional day.