Towne Bank

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Ticker: TOWN

Purchased: 5/15/2014

Cost basis $14.92

Current Portfolio Status: Hold

Dividend Reinvestment: N

Dividends paid quarterly in Jan, Apr, Jul, Oct

Shares held on account with Motif

TowneBank, through its subsidiaries, provides retail and commercial banking services for individuals, and small and medium-size businesses in southeastern Virginia and northeastern North Carolina. The company operates in three segments: Banking, Realty, and Insurance. It accepts various deposits products, including checking accounts, checking accounts, demand deposits, money rate savings, negotiable order of withdrawal accounts, individual retirement accounts, savings accounts, money market accounts, and certificates of deposit. The company also offers personal loans for financing automobiles, home improvements, education, and personal investments; commercial loans for working capital, business expansion, and equipment and machinery purchases; fixed- and floating-rate mortgage loans; and real estate construction and acquisition loans. It also provides safe deposit boxes, cash management services, travelers’ checks, direct deposit of payroll and social security checks, and automatic drafts for various accounts, as well as Internet, mobile, and on-call banking services. In addition, the company offers documentation to accomplish tax deferral to investors; asset management and commercial mortgage brokerage services; and other financial services, such as financial, retirement, and estate planning services, as well as assistance on various investment options consisting of alternative investments, annuities, margin accounts, convertible bonds, and pension and profit sharing plans. Further, it provides residential real estate, resort property management, and commercial residential title insurance services; and originates various mortgage loans. Additionally, the company offers life, property, casualty, and vehicle insurance services; travel, medical, and baggage protection insurance for travelers; and employee benefit programs, such as medical, dental, vision, and disability insurance. The company was founded in 1998 and is based in Portsmouth, Virginia.

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