Latest news with #TowneBank
Yahoo
14-05-2025
- Business
- Yahoo
TowneBank Announces Quarterly Cash Dividend
Common Stock Dividend Increased by 8% SUFFOLK, Va., May 14, 2025 (GLOBE NEWSWIRE) -- Hampton Roads based TowneBank (NASDAQ: TOWN) announced today that its Board of Directors declared its second-quarter shareholder cash dividend of $0.27 per common share payable on July 11, 2025, to shareholders of record on June 27, 2025. The quarterly common stock cash dividend of $0.27 per common share, or $1.08 per common share on an annual basis, is an 8% increase from the previous dividend rate. The amount and declaration of future cash dividends are subject to Board of Directors' approval in addition to regulatory restrictions. About TowneBank: Founded in 1999, TowneBank is a company built on relationships, offering a full range of banking and other financial services, with a focus of serving others and enriching lives. Dedicated to a culture of caring, TowneBank values all employees and members by embracing their diverse talents, perspectives, and experiences. Today, TowneBank operates over 55 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. Towne offers a competitive array of business and personal banking solutions, delivered with only the highest ethical standards. Experienced local bankers providing a higher level of expertise and personal attention with local decision-making are key to the TowneBank strategy. TowneBank has grown its capabilities beyond banking to provide expertise through its affiliated companies that 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. With total assets of $17.51 billion as of March 31, 2025, TowneBank is one of the largest banks headquartered in Virginia. Media contact:G. Robert Aston, Jr., Executive Chairman, 757-638-6780William I. Foster III, President and Chief Executive Officer, 757-417-6482 Investor contact:William B. Littreal, Chief Financial Officer, 757-638-6813Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
11-05-2025
- Business
- Yahoo
TowneBank First Quarter 2025 Earnings: Beats Expectations
Revenue: US$189.6m (up 13% from 1Q 2024). Net income: US$50.6m (up 46% from 1Q 2024). Profit margin: 27% (up from 21% in 1Q 2024). The increase in margin was driven by higher revenue. EPS: US$0.67 (up from US$0.46 in 1Q 2024). We've found 21 US stocks that are forecast to pay a dividend yield of over 6% next year. See the full list for free. All figures shown in the chart above are for the trailing 12 month (TTM) period Revenue exceeded analyst estimates by 2.0%. Earnings per share (EPS) also surpassed analyst estimates by 9.4%. Looking ahead, revenue is forecast to grow 15% p.a. on average during the next 2 years, compared to a 7.1% growth forecast for the Banks industry in the US. Performance of the American Banks industry. The company's share price is broadly unchanged from a week ago. While earnings are important, another area to consider is the balance sheet. We've done some analysis and you can see our take on TowneBank's balance sheet. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
02-05-2025
- Business
- Yahoo
Why Old Point Financial Corporation (OPOF) Is Surging in 2025
We recently published an article titled . In this article, we are going to take a look at where Old Point Financial Corporation (NASDAQ:OPOF) stands against the other financial services stocks. The financial services sector has entered 2025 on a wave of strong performance and renewed investor interest. This sector consists of banking, payments, insurance, and asset management and is a cornerstone of the global economy. These stocks didn't do too well during the 2022 downturn, as there was uncertainty regarding whether or not the Federal Reserve would bail out regional banks. However, after the 'mini banking crisis' calmed down, these stocks have performed quite well despite the macro trends being uncertain. And for some stocks, that momentum has been even stronger so far this year. It's worth looking at why. Even during bear markets, there are pockets of the market that perform exceptionally well. For example, I identified in another article. For this article, I screened the best-performing financial services stocks year-to-date. I will also mention the number of hedge fund investors in these stocks. Why are we interested in the stocks that hedge funds pile into? The reason is simple: our research has shown that we can outperform the market by imitating the top stock picks of the best hedge funds. Our quarterly newsletter's strategy selects 14 small-cap and large-cap stocks every quarter and has returned 373.4% since May 2014, beating its benchmark by 218 percentage points (). A successful financial advisor giving advice to a satisfied client in an office. Number of Hedge Fund Holders In Q4 2024: 2 Old Point Financial Corporation (NASDAQ:OPOF) is a community-focused bank holding company headquartered in Hampton, Virginia, offering retail and commercial banking, wealth management, mortgage, and insurance services through its subsidiaries and branches in the Hampton Roads region. The stock is up significantly so far in 2025. It is almost entirely due to the announcement on April 3, 2025, that Old Point will merge with TowneBank. Under the merger agreement, Old Point shareholders can elect to receive either $41.00 in cash or 1.14 shares of TowneBank stock per Old Point share, valuing the transaction at approximately $203 million. This deal implies a significant premium to Old Point's pre-announcement share price and immediately drove the stock up by more than 40% in a single session, well above the 5% threshold. The merger is expected to create a stronger platform for growth and enhanced value for shareholders, customers, and employees. In its Q1 2025 results, Old Point reported net income of $2.2 million, up 26% year-over-year, with modest growth in assets and deposits. However, the financial results were overshadowed by the merger news, which is the clear and overwhelming reason for the stock's surge in 2025. Old Point Financial Corporation (NASDAQ:OPOF) stock is up 49.73% year-to-date. Overall OPOF ranks 11th on our list of the financial services stocks that are surging in 2025. While we acknowledge the potential of OPOF as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns, and doing so within a shorter time frame. There is an AI stock that went up since the beginning of 2025, while popular AI stocks lost around 25%. If you are looking for an AI stock that is more promising than OPOF but that trades at less than 5 times its earnings, check out our report about this . READ NEXT: 20 Best AI Stocks To Buy Now and 30 Best Stocks to Buy Now According to Billionaires. Disclosure: None. This article is originally published at Insider Monkey. Sign in to access your portfolio
Business Wire
29-04-2025
- Business
- Business Wire
Deluxe Merchant Services Partners with TowneBank to Enhance Business Payment Solutions
MINNEAPOLIS--(BUSINESS WIRE)--Deluxe (NYSE: DLX), a trusted Payments and Data company, today announced a strategic partnership with TowneBank, a premier financial institution dedicated to exceptional service and community banking. This collaboration is designed to provide TowneBank business members with seamless, secure, and scalable merchant services, empowering them with the tools they need to optimize payment processing and grow their businesses. Through this partnership, TowneBank members will gain access to merchant processing solutions from Deluxe that are reliable and easy to use, that includes modern features like advanced fraud protection, contactless payment capabilities, and real-time transaction management. By integrating the innovative technology at Deluxe with TowneBank's personalized banking approach, businesses can streamline operations while ensuring a secure and efficient payment experience for their customers. 'At Deluxe, we are committed to equipping businesses with modern financial solutions that simplify operations and drive success,' said Brian Mahony, President of Merchant Services at Deluxe. 'With decades of experience supporting financial institutions and businesses of all sizes, Deluxe is uniquely positioned to help financial institutions grow their merchant business. Our partnership with TowneBank is another example — delivering robust, tailored solutions that enhance the banking experience for their business members.' 'At TowneBank, we are always looking for ways to help our business members succeed,' said Brian Skinner, Virginia & Northeastern North Carolina President at TowneBank. 'Partnering with Deluxe Merchant Services allows us to expand our offerings with secure, reliable, and innovative payment solutions that help businesses operate more efficiently and grow with confidence. We are proud to work with a trusted partner like Deluxe to deliver even greater value to the communities we serve. The Deluxe and TowneBank partnership represents a shared commitment to delivering innovative financial solutions that prioritize security, efficiency, and business growth.' About Deluxe Corporation Deluxe, a trusted Payments and Data company, champions business so communities thrive. Our solutions help businesses pay, get paid, and grow. For more than 100 years, Deluxe customers have relied on our solutions and platforms at all stages of their lifecycle, from start-up to maturity. Our powerful scale supports millions of small businesses, thousands of vital financial institutions and hundreds of the world's largest consumer brands, while processing more than $2 trillion in annual payment volume. Our reach, scale and distribution channels position Deluxe to be our customers' most trusted business partner. To learn how we can help your business, visit us at
San Francisco Chronicle
23-04-2025
- Business
- San Francisco Chronicle
TowneBank: Q1 Earnings Snapshot
PORTSMOUTH, Va. (AP) — PORTSMOUTH, Va. (AP) — TowneBank (TOWN) on Wednesday reported net income of $50.6 million in its first quarter. The Portsmouth, Virginia-based bank said it had earnings of 67 cents per share. Earnings, adjusted for costs related to mergers and acquisitions, were 68 cents per share. The community bank posted revenue of $261.2 million in the period. Its revenue net of interest expense was $193.1 million, which topped Street forecasts.
