TowneBank Announces Affiliation With Benchmark Mortgage Company
SUFFOLK, Va., Oct. 25, 2011 (GLOBE NEWSWIRE) -- Hampton Roads based TowneBank (Nasdaq:TOWN) announced that Benchmark Mortgage Company located in Richmond Virginia will affiliate with TowneBank Mortgage, a division of TowneBank.
Benchmark Mortgage, headquartered in Richmond, is one of the most respected names in the mortgage business. The Company's 52 employees provide quality mortgage services to the greater Richmond market and other prime locations in Virginia and North Carolina.
Under terms of an agreement, Benchmark will merge operations with TowneBank establishing TowneBank Mortgage - Richmond on November 1, 2011, with its employees joining TowneBank Mortgage.
Chris Beale and Rob Roland will continue to provide leadership for the newly formed TowneBank Mortgage - Richmond.
Chris Beale, Chairman and CEO of Benchmark Mortgage commented, "We are excited for the opportunity to join TowneBank Mortgage and the TowneBank family. TowneBank's focus on relationships and community spirit fits perfectly with our philosophy of superb personal service to our clients."
"We are pleased to welcome Benchmark Mortgage. The quality and professionalism of its staff will allow us to expand into the Richmond market, and we are excited about the opportunities in that market," added Jacqueline B. Amato, President of Towne Mortgage.
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 $4.02 billion as of June 30, 2011, TowneBank is one of the largest banks headquartered in Virginia.
This release may contain forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. These statements may address issues that involve significant risks, uncertainties, estimates and assumptions made by management. Factors that may cause actual results to differ materially from those contemplated by such forward-looking statements include competitive pressures in the banking industry that may increase significantly, changes in the interest rate environment may reduce margins and/or the volumes and values of loans made or held as well as the value of other financial assets held, general economic conditions, either nationally or regionally, may be less favorable than expected, resulting in, among other things, a deterioration in credit quality and/or a reduced demand for credit or other services, changes in the legislative or regulatory environment, including changes in accounting standards, may adversely affect our businesses, costs or difficulties related to the integration of the business and the businesses we have acquired may be greater than expected, expected cost savings associated with pending or recently completed acquisitions may not be fully realized or realized within the expected time frame, our competitors may have greater financial resources and develop products that enable them to compete more successfully, changes in business conditions, changes in the securities market and changes in our local economy with regards to our market area and its heavy concentration of U.S. military bases and related personnel. We assume no obligation to update information contained in this release.
CONTACT: G. Robert Aston Chairman and CEO (757) 638-6780 Jacqueline B. Amato President of Towne Mortgage (757) 687-5000 Chris E. Beale Chairman and CEO, Benchmark Mortgage Inc. (804) 673-1900 William D. Sessoms, Jr. President, Towne Financial Services Group (757) 417-6452 Clyde E. McFarland, Jr. Senior Executive Vice President and CFO (757) 638-6801