TowneBank

TowneBank provides retail and commercial banking services for individuals, commercial enterprises, and professionals in the United States. It operates through four segments: Banking, Mortgage, Resort Vacation Management, and Insurance. The company offers treasury solutions and deposit products, including checking accounts, savings accounts, daily money market accounts, long-term certificates of deposit, transaction accounts, and individual retirement accounts. It also provides safe deposit boxes, treasury management services, direct deposit of payroll and social security checks, and automatic drafts for various accounts. TowneBank offers secured and unsecured loans for financing automobiles, home improvements, education, and personal investments. For businesses, it provides secured and unsecured loans for working capital, business expansion, equipment and machinery purchases, fixed- and floating-rate mortgage loans, larger commercial loans, and real estate acquisition, development, and construction loans. The company can act as a qualified intermediary assisting investors and provides other financial services such as financial, retirement, and estate planning. It also offers assistance on various investment options, including alternative investments, annuities, margin accounts, convertible bonds, and pension and profit-sharing plans. Furthermore, TowneBank provides residential mortgage loans, residential resort property management, and property, casualty, life, and health insurance products for businesses, individuals, and community organizations, as well as commercial and consumer insurance products and financial services. The company also offers online banking, mobile banking, and on-call banking. TowneBank was incorporated in 1998 and is based in Portsmouth, Virginia.