TowneBank Announces Cash Dividend of $12.50 on Its TARP Preferred Stock

Hampton Roads based TowneBank

announced today that its Board of Directors on June 22, 2011 declared a cash dividend of $12.50 per share on its Series B Fixed-Rate Non-Cumulative Perpetual Preferred Stock. This preferred dividend is payable on August 15, 2011, to the shareholder of record as of August 2, 2011. This is the eleventh quarterly dividend payment to the U.S. Department of the Treasury, the shareholder of record, on the preferred stock issued to it by TowneBank under the Capital Purchase Program of the government's Troubled Asset Relief Program.