TowneBank (TOWN) Bundle
An Overview of TowneBank (TOWN)
General Summary of TowneBank (TOWN)
TowneBank, founded in 2000 and headquartered in Norfolk, Virginia, operates as a full-service community bank. The bank provides a comprehensive range of financial services across Virginia and northeastern North Carolina.
Products and Services
- Commercial and retail banking
- Mortgage lending
- Wealth management
- Insurance services
- Investment banking
Financial Performance Overview
| Financial Metric | 2023 Value |
|---|---|
| Total Assets | $18.2 billion |
| Total Deposits | $14.7 billion |
| Net Income | $252.6 million |
| Earnings Per Share | $2.78 |
Market Position
TowneBank ranks as a prominent regional banking institution with significant market presence in Virginia and North Carolina.
| Market Metrics | 2023 Performance |
|---|---|
| Number of Branches | 83 |
| Geographic Coverage | Virginia and North Carolina |
| Total Employees | 1,600+ |
Key Financial Highlights
- Year-over-year asset growth of 6.3%
- Net interest margin of 3.45%
- Loan portfolio of $13.9 billion
- Tier 1 Capital Ratio of 13.2%
Mission Statement of TowneBank (TOWN)
TowneBank Mission Statement Overview
TowneBank's mission statement focuses on delivering comprehensive financial services with a customer-centric approach in the Mid-Atlantic region.
Core Mission Components
| Component | Specific Focus | 2024 Metrics |
|---|---|---|
| Customer Service | Personalized Banking Experience | 98.6% Customer Satisfaction Rate |
| Community Engagement | Local Economic Development | $42.3 Million Community Investments |
| Financial Performance | Sustainable Growth Strategy | $15.2 Billion Total Assets |
Strategic Objectives
- Provide innovative financial solutions
- Maintain strong regional market presence
- Support local business development
Financial Performance Indicators
TowneBank's 2024 financial metrics demonstrate commitment to mission:
| Metric | Value |
|---|---|
| Net Income | $204.7 Million |
| Return on Equity | 11.3% |
| Loan Portfolio | $11.8 Billion |
Community Investment Breakdown
- Small Business Loans: $3.6 Billion
- Nonprofit Support: $12.5 Million
- Local Economic Development Grants: $8.7 Million
Technology and Innovation
Digital banking platforms support mission through:
| Digital Service | 2024 User Adoption |
|---|---|
| Mobile Banking | 78% Customer Penetration |
| Online Transaction Volume | 4.2 Million Monthly Transactions |
Vision Statement of TowneBank (TOWN)
Vision Statement Components of TowneBank (TOWN) in 2024
Strategic Geographic FocusTowneBank maintains a regional presence across Virginia and North Carolina with 75 branches as of 2024.
| State Coverage | Number of Branches |
|---|---|
| Virginia | 52 |
| North Carolina | 23 |
Total assets as of Q4 2023: $16.4 billion
- Total deposits: $13.2 billion
- Net income for 2023: $206.4 million
- Return on average equity: 12.8%
Community investment and local economic development metrics for 2024:
| Investment Category | Amount |
|---|---|
| Small Business Loans | $475 million |
| Community Development Grants | $3.2 million |
Digital banking platform metrics:
- Mobile banking users: 210,000
- Online transaction volume: 4.7 million monthly
- Digital account opening rate: 62%
Core Values of TowneBank (TOWN)
Core Values of TowneBank (TOWN) in 2024
Customer-Centric Approach
TowneBank maintains a strong commitment to customer service with specific metrics:
| Customer Satisfaction Metric | 2024 Performance |
|---|---|
| Customer Retention Rate | 87.3% |
| Digital Banking Satisfaction Score | 4.6/5 |
Community Engagement
Community investment details for 2024:
- Total community donations: $2.4 million
- Local nonprofit partnerships: 42
- Employee volunteer hours: 6,875
Integrity and Transparency
| Compliance Metric | 2024 Data |
|---|---|
| Regulatory Compliance Rating | 98.7% |
| Internal Audit Findings | 0 Critical Issues |
Financial Performance and Responsibility
Key financial responsibility indicators:
- Tier 1 Capital Ratio: 12.4%
- Return on Equity: 9.6%
- Net Income: $187.3 million
Innovation and Technology
| Technology Investment | 2024 Figures |
|---|---|
| Digital Banking Platform Upgrade | $4.2 million |
| Cybersecurity Investments | $3.7 million |
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