TowneBank Company

Whether you're a city mouse or a country cousin, TowneBank is ready to serve you in southeastern Virginia and northeastern North Carolina. The bank, which has more than 25 branches, offers such standard deposit products as checking and savings accounts, certificates of deposit, IRAs, and money market accounts. Subsidiaries provide insurance, investments, residential real estate brokerage, mortgage products, and employee benefit services. Real estate loans, including commercial mortgages, construction loans, and residential real estate loans make up most of the bank's portfolio, which also includes consumer installment and business loans. TowneBank was founded in 1999. Through acquisitions, TowneBank has grown its core banking business and has expanded into new service areas. In 2004 it acquired eight-office Harbor Bank in Newport News, Virginia. The following year it bought local real estate brokerage GSH Residential Real Estate, which merged with two other area brokerages, Prudential Decker Realty and Prudential McCardle Realty, to form Prudential Towne Realty in 2009. In 2011 TowneBank added the W.T. Chapin insurance agency, which was merged into the bank's Towne Insurance Agency. TowneBank's most prominent recent acquisition came in 2010, when it bought The Bank of Currituck, which had six branches in North Carolina. The deal marked TowneBank's first foray into that state. The acquired institution was renamed TowneBank of Currituck.