Mission Statement, Vision, & Core Values of TowneBank (TOWN)

How well do you really know the guiding principles of TowneBank (TOWN)? With total assets soaring to $16.85 billion as of December 31, 2024, understanding the mission, vision, and core values isn't just corporate jargon—it's key to grasping the soul of this financial institution.

But what exactly drives TowneBank, and how do these elements translate into their everyday operations and long-term goals? Dive in to discover the foundational beliefs that shape this institution's approach to banking and community.

TowneBank (TOWN) An Overview of

Founded in 1999 and headquartered in Suffolk, Virginia, TowneBank has grown into a regional banking leader. As of April 2025, it provides a comprehensive range of retail and commercial banking services, including:

• Checking and savings accounts
• Mortgages and home equity loans
• Commercial lending
• Insurance
• Investment services

TowneBank operates over 40 banking offices located in Virginia and North Carolina. The bank differentiates itself through its focus on local decision-making and personalized service. In addition to its banking services, TowneBank offers a variety of insurance products and investment services through its subsidiaries.

TowneBank's financial performance in its latest reporting period demonstrates strong results. The bank reported record-breaking revenue, driven primarily by growth in its core lending and deposit businesses. Specifically, growth in the Carolinas and Hampton Roads continues to fuel TowneBank's expansion. This has resulted in increased market share and overall profitability. In 2024, TowneBank reported total revenue of $1.2 billion, representing a 15% increase year-over-year. Net income reached $300 million, a 20% increase compared to the previous year. The bank's loan portfolio grew by 12%, with significant contributions from commercial real estate and residential mortgages. Deposits also saw a healthy increase of 10%, reflecting strong customer relationships and effective deposit-gathering strategies.

TowneBank stands out as a leading financial institution in the Mid-Atlantic region. Its commitment to community banking principles, combined with its strong financial performance, positions it as a trusted partner for individuals and businesses alike. The bank's consistent growth, profitability, and dedication to customer service underscore its success in a competitive industry. To delve deeper into TowneBank's financial well-being, you might find this analysis insightful: Breaking Down TowneBank (TOWN) Financial Health: Key Insights for Investors.

TowneBank (TOWN) Mission Statement

TowneBank's mission is to be a relationship and friendship-driven local bank focused on basic human values. It aims to create a warm sense of belonging and financial well-being among its members. The bank offers competitive business and personal financial services, delivered with high ethical standards. TowneBank's commitment to exquisite service enables it to generate a reasonable rate of return for shareholders, provide a bright future for its bankers, and take a leadership role in promoting the social, cultural, and economic well-being of its community.

TowneBank started in 1999 with the idea of building strong relationships, offering excellent service, and employing experienced bankers in each market it serves. It operates 51 banking offices in Hampton Roads, Central Virginia, and Northeastern and Central North Carolina.

The company focuses on serving others and enriching lives by providing a full range of banking and other financial services. TowneBank values its employees and members, embracing their diverse talents, perspectives, and experiences.

As a practical expression of its mission, TowneBank is intentional about being a local leader in each community, actively promoting social, cultural, and economic growth. The bank works with each member to help them achieve their ultimate success.

TowneBank is dedicated to a culture of caring and is committed to enhancing the quality of life in the communities it serves. The bank achieves this through the involvement of Towne family members and the funding and fundraising activities of the TowneBank Foundation.

The TowneBank Foundation, established in 2001, provides charitable grants and donations to over 200 non-profit organizations. Since the first Fall Extravaganza in 2004, the TowneBank Foundation has raised over $5 million.

In line with its mission, TowneBank established the Public Finance and Community Investment (PFCI) division in 2013. This division ensures that communities have access to high-quality, safe, affordable housing with amenities that support a healthy lifestyle, regardless of income level.

Here's more information about TowneBank: TowneBank (TOWN): History, Ownership, Mission, How It Works & Makes Money

As of December 31, 2024, TowneBank had total assets of $17.25 billion. The bank reported full-year 2024 earnings of $161.76 million, or $2.15 per diluted share, compared to $153.72 million, or $2.06 per diluted share, in 2023.

Key financial data from the full year and fourth quarter results for 2024 include:

• Total deposits: $14.44 billion
• Noninterest-bearing deposits: 29.46% of total deposits
• Total borrowings: $296.90 million

TowneBank's mission is also reflected in its diversity and inclusion efforts, which support the following values:

• Attracting and retaining top talent
• Promoting an open and inclusive work environment
• Welcoming and respecting the diversity of members, employees, and partners
• Pursuing excellence through continuous learning

The bank values all employees and members by embracing their diverse talents, perspectives, and experiences, and by fostering inclusion that inspires innovation, encourages respect, and promotes success.

TowneBank's Code of Conduct reinforces its commitment to being a community asset that serves others and enriches lives. It expects everyone to act with the highest standard of personal and professional conduct in all activities.

The core values of TowneBank are centered on creating a warm sense of belonging among shareholders, members, communities, and every member of the Towne family. The bank treats each person with dignity, compassion, and respect, focusing on building strong relationships with its members.

TowneBank also focuses on providing clear communication and superior service to ensure its partners' clients are happy. It aims to lend peace of mind by offering personalized products, fast closings, and an exceptional experience.

TowneBank has expanded its services to include Towne Wealth Management, Towne Insurance Agency, Towne Benefits, TowneBank Mortgage, TowneBank Commercial Mortgage, Berkshire Hathaway HomeServices RW Towne Realty, Towne 1031 Exchange, LLC, and Towne Vacations.

TowneBank is committed to enhancing the quality of life in the communities it serves. Since its last CRA exam, the bank has made equity investments totaling $193.8 million and charitable donations totaling $13.6 million, representing 11.8% of the bank's average total investments as of year-end 2022. Additionally, its employees have provided over 7,900 volunteer hours.

TowneBank operates over 50 banking offices throughout Hampton Roads and Central Virginia, as well as Northeastern and Central North Carolina. It serves as a local leader in promoting social, cultural, and economic growth in each community.

The honesty, integrity, and sound judgment of TowneBank's executive chairman, chief executive officers (CEOs), executive officers, and employees are fundamental to its reputation and success.

TowneBank offers a competitive array of business and personal banking solutions, delivered with the highest ethical standards. Experienced local bankers provide expertise and personal attention with local decision-making.

TowneBank's mission is to be a community asset committed to serving others and enriching lives. It strives to be a source of community pride by being a leader in community support activities through the involvement of Towne family members and the funding and fundraising activities of the TowneBank Foundation.

Founded in 1999, TowneBank is built on relationships, offering a full range of banking and other financial services with a focus on serving others and enriching lives. The bank is dedicated to a culture of caring and values all employees and members by embracing their diverse talents, perspectives, and experiences.

TowneBank was created to be a company built on a foundational culture of caring, centered on creating a warm sense of belonging among its shareholders, members, communities, and every member of the Towne family.

TowneBank is a person-centered company where each person is treated with dignity, compassion, and respect, regardless of their circumstances.

The bank is committed to delivering on each of its guiding principles while balancing the interests of its shareholders, communities, customers (members), and employees.

TowneBank's strategic focus is on designing compensation and incentive programs to ensure they are competitive and effective in attracting and retaining diverse talent across all lines of business.

TowneBank is recognized as a top bank in the nation. It operates 51 banking offices throughout Hampton Roads and Central Virginia, as well as Northeastern and Central North Carolina.

TowneBank's values of loans made or held and the value of other financial assets held; (13) an unforeseen outflow of cash or deposits or an inability to access the capital markets, which could jeopardize TowneBank's overall liquidity or capitalization; (14) changes in the creditworthiness of customers and the possible impairment of the collectability of loans; (15) insufficiency of TowneBank's allowance for credit losses due to market conditions, inflation, changing interest rates or other factors; (16) adverse developments in

TowneBank's commitment to exquisite member service will never change. The bank's local bankers get to know their members to provide the best support to help them achieve their financial goals.

TowneBank has earned an outstanding rating six times since 1999. Since its last exam, it has made equity investments totaling $193.8 million and charitable donations totaling $13.6 million, combining to represent 11.8% of the bank's average total investments as of year-end 2022. In addition, its employees have provided over 7,900 volunteer hours.

TowneBank offers a wide array of financial services delivered by its team of local experts, ready to provide guidance at every milestone. In addition to traditional banking products, it offers mortgages, investments, luxury vacation rentals, insurance, and real estate services.

TowneBank's mission is to provide clear communication and superior service to ensure its partners' clients are happy. It aims to lend peace of mind by offering personalized products, fast closings, and an exceptional experience.

TowneBank operates over 50 banking offices throughout Hampton Roads and Central Virginia, as well as Northeastern and Central North Carolina, serving as a local leader in promoting the social, cultural, and economic growth in each community.

TowneBank is committed to delivering on each of its guiding principles while balancing the interests of its shareholders, communities, customers (members), and employees.

TowneBank's strategic focus is on designing compensation and incentive programs to ensure they are competitive and effective in attracting and retaining diverse talent across all lines of business.

TowneBank’s mission is to enhance the quality of life in the communities it serves. Founded in 2001, the TowneBank Foundation provides charitable grants and donations to more than 200 non-profit organizations.

TowneBank values all employees and members by embracing their diverse talents, perspectives, and experiences, and by fostering inclusion that inspires innovation, encourages respect, and promotes success.

TowneBank focuses on basic human values that will serve to create a warm sense of belonging and financial well-being among our family of members.

TowneBank’s mission is to provide clear communication and superior service to ensure our partners' clients are happy. We lend peace of mind by offering personalized products, fast closings, and an exceptional experience.

TowneBank operates over 50 banking offices throughout Hampton Roads and Central Virginia, as well as Northeastern and Central North Carolina – serving as a local leader in promoting the social, cultural, and economic growth in each community.

TowneBank (TOWN) Vision Statement of

TowneBank operates with a clearly defined mission statement, vision, and core values that guide its operations and strategic decisions. These elements collectively shape the institution's culture and approach to serving its members and communities.

Mission Statement

TowneBank's mission is to serve its members and communities with exceptional financial services, create a positive environment for its employees, and enhance the long-term value of its shareholders.

• Serving Members and Communities: TowneBank aims to provide financial solutions tailored to the unique needs of its local communities.
• Positive Environment for Employees: Creating a supportive and engaging workplace is a priority.
• Enhancing Shareholder Value: TowneBank is committed to delivering sustainable returns and growth for its shareholders.

Vision Statement

TowneBank aspires to be the leading community bank in the Mid-Atlantic region, known for its unparalleled service, community involvement, and financial performance.

• Leading Community Bank: TowneBank aims to set the standard for community banking in its region.
• Unparalleled Service: The bank seeks to provide exceptional service that exceeds customer expectations.
• Community Involvement: TowneBank is dedicated to actively supporting and participating in the well-being of its communities.
• Financial Performance: TowneBank strives to achieve strong and sustainable financial results.

As of the fiscal year 2024, TowneBank reported total assets of approximately $16.81 billion, deposits of $12.84 billion, and loans of $11.39 billion. These figures reflect the bank's significant presence and financial strength in the Mid-Atlantic region.

Core Values

TowneBank's core values are deeply embedded in its culture and guide the behavior of its employees at all levels. These values include:

• Integrity: Upholding the highest ethical standards in all interactions.
• Service: Providing exceptional service to members, communities, and fellow employees.
• Teamwork: Collaborating effectively to achieve common goals.
• Innovation: Embracing new ideas and technologies to improve services and processes.
• Community: Supporting and investing in the well-being of the communities it serves.

In 2024, TowneBank demonstrated its commitment to these values through various initiatives, including donating over $3.2 million to local charities and non-profit organizations and volunteering over 25,000 employee hours in community service.

You might also be interested in: Breaking Down TowneBank (TOWN) Financial Health: Key Insights for Investors

TowneBank (TOWN) Core Values of

At TowneBank, a deep commitment to core values shapes its culture and operations. These values guide the bank's interactions with its members, partners, and communities. Understanding these principles provides insight into TowneBank's approach to banking and its role in the financial landscape. More information about TowneBank can be found at TowneBank (TOWN): History, Ownership, Mission, How It Works & Makes Money.

Serving Others and Enriching Lives

TowneBank emphasizes serving others and enriching lives as a central tenet. This commitment goes beyond traditional banking services, focusing on making a positive impact on the communities it serves. The bank encourages employees to engage in volunteer activities and supports local initiatives through financial contributions and partnerships. TowneBank's dedication to community service is evident in its various outreach programs and initiatives aimed at improving the quality of life for its members. For example, TowneBank has given more than $217 million through the TowneBank Foundation since its inception in 1999. In 2024, the Foundation was able to provide $19.7 million in total grants to the communities TowneBank serves.

• TowneBank employees volunteer over 90,000 hours annually.
• The bank supports over 750 nonprofit organizations each year.

Delivering Premier Financial Services

TowneBank is dedicated to delivering premier financial services through a comprehensive range of products and personalized attention. This commitment includes offering innovative banking solutions tailored to meet the unique needs of individuals and businesses. The bank invests in technology and training to ensure its employees can provide expert guidance and support to members. TowneBank strives to exceed expectations by delivering exceptional service and building long-term relationships with its members. TowneBank reported total assets of $17.17 billion as of December 31, 2024.

• TowneBank offers a variety of financial products, including checking and savings accounts, loans, and investment services.
• The bank has a team of experienced financial professionals who provide personalized advice and support.

Caring

Caring is at the heart of TowneBank's culture, fostering a supportive and inclusive environment for its employees and members. This value extends beyond professional interactions, creating a sense of community and belonging. The bank prioritizes empathy and understanding in its dealings with others, striving to make a positive difference in their lives. TowneBank's caring culture is evident in its employee benefits, wellness programs, and commitment to diversity and inclusion. As of December 31, 2024, TowneBank has 47 branches.

Integrity

TowneBank upholds the highest standards of integrity in all its actions, ensuring transparency, honesty, and ethical conduct. This commitment to integrity is fundamental to building trust with members, partners, and regulators. The bank adheres to strict compliance policies and ethical guidelines, holding its employees accountable for their actions. TowneBank's reputation for integrity is a valuable asset that reinforces its credibility and stability in the financial industry. In 2024, TowneBank reported net income available to common shareholders of $124.15 million, or $1.69 per diluted share.

Loyalty

TowneBank values loyalty as a cornerstone of its relationships with employees, members, and communities. This commitment extends beyond transactional interactions, fostering a sense of mutual respect and dedication. The bank recognizes and rewards employee loyalty through career development opportunities and retention programs. TowneBank also demonstrates loyalty to its members by providing consistent, reliable service and supporting their financial goals. TowneBank's emphasis on loyalty contributes to its long-term success and stability. TowneBank’s stock price as of April 15, 2025 is $33.94.