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The company said in a press release Thursday that it redeemed preferred shares worth $76.46 million that were issued under the program to the Treasury Department.
January 8 -
TowneBank (TOWN) in Suffolk, Va., has agreed to buy Franklin Financial (FRNK) in Richmond, Va.
July 15 -
TowneBank (TOWN) in Portsmouth, Va., has converted all of its Series A preferred stock into common stock.
September 3
TowneBank in Hampton Roads, Va.,
The $5 billion-asset companys fourth-quarter earnings fell 22% from a year earlier, to $7.8 million, or 20 cents a share.
Towne's profits were weighed down by expansion-related expenses. The company completed its purchase of the $1.1 billion-asset Franklin Financial earlier this year. The acquisition was announced
In the past year, the company also bought
Noninterest expenses surged 19%, to $49 million. The company attributed the increases primarily to non-recurring charges associated with its acquisitions.
Fee-based income increased 19%, to $22.4 million, largely from insurance commissions and brokerage revenue.
Net interest income edged up 2%, to $37.1 million. Loans grew 5%, to $3.4 billion, while the net interest margin narrowed by 18 basis points, to 3.38%.
