Townebank Portsmouth VA (TOWN)

TowneBank provides retail and commercial banking services for small- and medium-size businesses, professionals, and individuals. The company operates in three segments: Banking, Realty, and Insurance. It accepts various deposits products, including demand deposits, negotiable order of withdrawal accounts, savings accounts, money rate savings, certificates of deposit, and individual retirement accounts. The company also offers secured and unsecured personal loans for financing automobiles, home improvements, education, and personal investments; commercial loans for working capital, business expansion, and equipment and machinery purchases; and mortgage loans, as well as real estate construction and acquisition loans. In addition, it provides other services, such as 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. Further, the company offers documentation services 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, such as alternative investments, annuities, margin accounts, convertible bonds, and pension and profit sharing plans. Additionally, it provides residential real estate, relocation, property management, vacations rental, and title and settlement services; and originates residential mortgage loans. 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. As of February 28, 2018, it operated 40 banking offices in Virginia and North Carolina. TowneBank was founded in 1998 and is based in Portsmouth, Virginia.