TowneBank Announces Cash Dividend on Preferred Stock

SUFFOLK, Va., April 22, 2011 (GLOBE NEWSWIRE) -- Hampton Roads based TowneBank (Nasdaq:TOWN) announced today that its Board of Directors on April 20, 2011 declared a quarterly cash dividend of $2.00 per preferred share on its 8% Non-Cumulative Convertible Preferred Stock, Series A. The dividend is payable on June 1, 2011 to shareholders of record on May 14, 2011. The amount and declaration of future cash dividends are subject to Board of Director's approval in addition to regulatory restrictions.

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As one of the top community banks in Virginia and North Carolina, TowneBank operates 26 banking offices serving Chesapeake, Hampton, Newport News, Norfolk, Portsmouth, Suffolk, Virginia Beach, Williamsburg, James City County and York County in Virginia along with Moyock, Grandy, Camden, Southern Shores, Corolla and Kill Devil Hills in North Carolina. Towne also offers a full range of financial services through its controlled divisions and subsidiaries that include Towne Investment Group, Towne Insurance Agency, TFA Benefits, TowneBank Mortgage, TowneBank Commercial Mortgage, Prudential Towne Realty, Towne 1031 Exchange, LLC, and Corolla Classic Vacations. Through its strategic partnership with William E. Wood and Associates, the bank also offers mortgage services in all of their offices in Hampton Roads and Northeastern North Carolina. Local decision-making is a hallmark of its hometown banking strategy that is delivered through the leadership of each group's President and Board of Directors. With total assets of $3.87 billion as of December 31, 2010, TowneBank is one of the largest banks headquartered in Virginia.

CONTACT: G. Robert Aston, Chairman and CEO (757) 638-6780 R. Scott Morgan, President and Senior Loan Officer (757) 638-6783 Clyde E. McFarland, Jr., Senior Executive Vice President and CFO (757) 638-6801