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TowneBank names new CEO
Suffolk-based TowneBank announced Friday that William “Billy” I. Foster III will become CEO, succeeding J. Morgan Davis, who is retiring. Foster, the bank‘s market president for Central Virginia and the Carolinas, joined TowneBank as a regional president in 2004, leading the bank’s expansion into the Norfolk area. Before that, he was eastern region president for […]
TowneBank to acquire Farmers Bank
Suffolk-based TowneBank has agreed to acquire Windsor-headquartered Farmers Bankshares Inc., the parent company of Farmers Bank, the two companies announced Thursday. The deal is expected to close early next year. The $56 million deal, which would create a combined company worth $17.5 billion in total assets, loans of $10.9 billion and $14.5 billion, would add […]
Finance | Insurance
JOHN ASBURY PRESIDENT AND CEO, ATLANTIC UNION BANKSHARES, RICHMOND A native of Radford who graduated from Virginia Tech and received his MBA at William & Mary, Asbury now leads the largest regional bank headquartered in Virginia. Atlantic Union, which employs 1,839 people in Virginia, reported $677 million in revenue in 2020. It also has $19.6 […]
TowneBank acquires Tennessee cabin rental company
Suffolk-based TowneBank acquired Tennessee-based vacation property rental company Venture Resorts Inc. on July 1, the bank announced Monday. Financial details of the transaction were not disclosed. “This is an exciting development for Towne Vacations,” Brian Skinner, president and CEO of Towne Financial Services Group, the division that oversees the bank’s vacation property management ac[...]
New president and CEO of Towne Financial Services Group named
Brian K. Skinner has been named president and CEO of Towne Financial Services Group, which includes all financial divisions of Suffolk-based TowneBank other than the bank itself. Skinner, currently the company’s chief banking officer, starts his new role effective May 1, TowneBank announced Thursday. His new duties include overseeing the company’s mortgage, insurance, realty and [&hell[...]
TowneBank and CHKD buy Norfolk Southern Tower for $30M
UPDATED JULY 2 | Suffolk-based TowneBank and Children’s Hospital of the King’s Daughters (CHKD) have jointly purchased the 22-story Norfolk Southern Tower in downtown Norfolk from the Fortune 500 railroad corporation, which is in the process of migrating its corporate headquarters to Atlanta. The building sold for $30 million, according to city of Norfolk documentation […]
TowneBank moving closer to Norfolk Southern Tower purchase
Suffolk-based TowneBank is moving closer to purchasing the 22-story Norfolk Southern Tower, reaching an agreement to purchase a nearby downtown Norfolk parking garage for $8.5 million. TowneBank hopes to close on the parking garage and the Norfolk Southern building this summer, TowneBank spokesperson Joel Rubin said Thursday. TowneBank’s headquarters will remain in Suffolk. No sales price [[...]
Va. banks stay open for business, but close lobbies
Virginia banks are open for business during the coronavirus crisis, but many are practicing social distancing by closing their lobbies to the public and only allowing in-person visits by appointment. “Providing safe and reliable service is a key priority for every one of our banks, especially in challenging times,” Virginia Bankers Association (VBA) Chairman Jeff […]
