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Towne Bank (TOWN.OQ)

TOWN.OQ on NASDAQ Stock Exchange Global Select Market

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15 Dec 2017
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Summary

Name Age Since Current Position

J. Morgan Davis

66 2011 President, Chief Banking Officer, Director

G Aston

72 1999 Chairman of the Board, Chief Executive Officer

Thomas Broyles

86 1999 Vice Chairman of the Board, Independent Director

Clyde McFarland

62 2005 Chief Financial Officer, Senior Executive Vice President

E. Neal Crawford

54 2016 President of Towne Financial Services Group, Director

William Foster

61 2011 President, TowneBank of Virginia Beach, Director

William Morrison

54 2016 Director of Town Bank, Chairman and Chief Executive Officer of TowneBank Mortgage and Realty Group, a Division of TowneBank

W. Jeffrey Dyckman

66 2009 President of Towne Business Strategy

Brad Schwartz

54 2016 Chief Operating Officer, Executive Vice President, Director

Una Oliver

65 2011 Senior Executive Vice President and Chief Marketing and Human Resources Officer

Keith Horton

58 2005 Senior Executive Vice President, Chief Administrative Officer

William Littreal

46 2016 Senior Executive Vice President and Chief Strategy and Investment Relations Officer

Philip Rudisill

51 2011 Senior Executive Vice President and Chief Credit Officer

Thomas Rueger

69 2013 Senior Executive Vice President

George Whitley

65 2016 Senior Executive Vice President and Chief Legal Officer

Richard Bray

71 2017 Lead Independent Director

Jacqueline Amato

67 2016 Director

Andrew Fine

80 1999 Director

Gordon Gentry

80 2004 Director

Richard Morgan

72 2011 Director

R. Owens

60 2011 Director

Richard Thurmond

65 2000 Director

Richard Wheeler

70 2015 Director

Edward Baynor

77 1999 Independent Director

Jeffrey Benson

55 2016 Independent Director

Bradford Cherry

76 1999 Independent Director

Douglas Ellis

72 2010 Independent Director

John Failes

72 2015 Independent Director

Paul Farrell

79 1999 Independent Director

John Lawson

65 2004 Independent Director

Harry Lester

71 2010 Independent Director

William Lewis

71 1999 Independent Director

Stephanie Marioneaux

58 2010 Independent Director

Juan Montero

75 1999 Independent Director

Thomas Norment

71 2009 Independent Director

Robert Oman

62 2016 Independent Director

Elizabeth Patterson

68 2016 Independent Director

Elizabeth Robertson

64 2015 Independent Director

Dwight Schaubach

74 2016 Independent Director

Alan Witt

61 2004 Independent Director

F. Lewis Wood

78 2003 Independent Director

Biographies

Name Description

J. Morgan Davis

Mr. J. Morgan Davis is President, Chief Banking Officer, Director of TowneBank since July 2011. He served as President of Towne Financial Services Group from March 2005 to June 2011, and as President of TowneBank Virginia Beach from May 1999 to March 2005. Mr. Davis is a 37-year banking veteran and served as the founding president of a local banking institution for 13 years and served as President of TowneBank Virginia Beach for six years. Mr. Davis has served as a key negotiator in several of TowneBank’s acquisitions and has served on the boards of several prominent community organizations. Mr. Davis provides vital senior management experience and business acumen to our Board of Directors.

G Aston

Mr. G. Robert Aston, Jr., is Chairman of the Board, Chief Executive Officer of TowneBank since the founding of TowneBank in 1998. He served as President and Chief Executive Officer of BB&T of Virginia from January 1995 to June 1998 and as President and Chief Executive Officer of Commerce Bank from April 1985 to January 1995. Mr. Aston began his career at Citizens Trust Company in 1964 and rose through the ranks to serve as President and Chief Executive Officer from 1981 to 1985. Through his over 50 years of service to the community as a hometown banker and the leader of several community banks, Mr. Aston has gained a significant level of management experience in all aspects of community banking. During his career, he has served in numerous senior management positions, including that of senior lending officer, chief administrative officer and chief operating officer.

Thomas Broyles

Mr. Thomas C. Broyles is Vice Chairman of the Board, Independent Director of TowneBank since 1999. Mr. Broyles is retired from Kaufman & Canoles, P.C. (law firm), Norfolk/Virginia Beach, Virginia, where he was formerly a partner. Mr. Broyles’ extensive legal background serves as an asset to the Board in matters of corporate governance, while his business and investing experience benefits the Board in operational and financial matters. Prior to his service on the Board of TowneBank, Mr. Broyles previously served on the boards of two banking institutions, including serving as Chairman of the Board of Commerce Bank.

Clyde McFarland

Mr. Clyde E. McFarland, Jr. is Chief Financial Officer, Senior Executive Vice President of the Bank since January 2005; Executive Vice President and Chief Financial Officer from 1999 to January 2005.

E. Neal Crawford

Mr. E. Neal Crawford, Jr. is President of Towne Financial Services Group and Director of the Bank since June 24, 2016, when Monarch was merged into TowneBank. Previously, he served as President and Corporate Director of Monarch Financial Holdings, Inc. since 2010 and President of Monarch Bank since 2009. Mr. Crawford has worked in the banking industry for over 25 years, including as president of a commercial mortgage brokerage company and as community president for a large regional banking company. Mr. Crawford’s civic and community activities include serving as treasurer for the East Carolina University Alumni Foundation, serving on the Board of Visitors of East Carolina University, serving on the Board and Executive Committee of the Greater Norfolk Company, and serving on the boards of Virginia Beach Vision, Visit Norfolk, and Retail Alliance. Mr. Crawford’s experience, leadership, and skills in the banking field add value as a member of our executive management team and as a director.

William Foster

Mr. William I. Foster, III has been appointed as the President of TowneBank of Virginia Beach and Director of TowneBank. Mr. Foster has served as President of TowneBank Virginia Beach since July 2011. He served as President of TowneBank Norfolk from February 2005 to June 2011. Previously, Mr. Foster was employed as the Chief Financial Officer of IntraNexus, Inc. (information systems provider), Virginia Beach, Virginia, from January 2002 to August 2003. He served as the Hampton Roads Regional President of Central Fidelity Bank from 1993 to 1998. Mr. Foster has over 30 years of experience in the banking industry, with a background in retail and commercial real estate. Mr. Foster’s extensive experience in banking and commercial real estate provides significant insight and expertise to our Board.

William Morrison

Mr. William T. Morrison is Director of Town Bank, Chairman and Chief Executive Officer of TowneBank Mortgage and Realty Group, a Division of TowneBank since June 24, 2016, when Monarch was merged into TowneBank. Previously, he served as Chief Executive Officer of Monarch Mortgage from 2011 until June 2016 and Executive Vice President and Chief Operating Officer of Monarch Mortgage from 2007 until 2011. Mr. Morrison has approximately 30 years of banking experience and has previously served as chief operating officer and chief credit officer at local community banks. Mr. Morrison’s civic and community activities include having served on the Old Dominion University Executive Advisory Council for the College of Business and Public Administration, the Virginia Beach Community Service Board, the United Way Funds Distribution Committee, the Virginia Beach Youth Foundation, and the Virginia Beach Forum. Mr. Morrison’s experience, leadership, and skills in the financial and mortgage lending industries are critical in leading our mortgage division and bring significant value to our Board.

W. Jeffrey Dyckman

Mr. W. Jeffrey Dyckman is President of Towne Business Strategy Group. He is responsible for partnering with Towne lenders and calling officers to share the Towne story with area businesses and professionals. Dyckman is also involved in the creation of new retail and business strategies to solidify TowneBank's presence in Hampton Roads. Prior to joining TowneBank, Dyckman served as Regional President for the Eastern Region of Wachovia Bank. He is a lifelong Virginia Beach resident and attended Old Dominion University. In addition he is a graduate of the University of Oklahoma's Graduate School of Commercial Lending. Dyckman currently serves on the board of the Tidewater Community College Education Foundation, and throughout his career, has served in numerous leadership and volunteer capacities, including the Hampton Roads Partnership, Greater Norfolk Corporation, Diabetes Institute Foundation, Virginia Beach Vision and the Tidewater Scholarship Foundation.

Brad Schwartz

Mr. Brad E. Schwartz is Chief Operating Officer, Senior Executive Vice President, Director of the Company. Previously, he served as Chief Executive Officer of Monarch Bank from 2009 until June 2016 and as Chief Financial Officer/Chief Operating Officer of Monarch Bank from 2004 until 2009. Mr. Schwartz has approximately 30 years of banking experience and has served as a safety and soundness examiner for the Virginia State Corporation Commission’s Bureau of Financial Institutions, the primary regulator of Virginia-chartered financial institutions. He has also served on the Board of Directors for the Federal Reserve Bank of Richmond, the Virginia Bankers Association, and the Board of Visitors for Longwood University. Mr. Schwartz’s experience, leadership, and skills in the financial services industry bring value to the Board and the Company.

Una Oliver

Mr. Una Starr Oliver is Senior Executive Vice President and Chief Marketing and Human Resources Officer of the Bank since May 2011; Executive Vice President of Marketing and Retail Banking from 1999 to May 2011.

Keith Horton

Mr. Keith D. Horton is Senior Executive Vice President, Chief Administrative Officer of the Bank since January 2005; Executive Vice President of Operations from 1999 to January 2005.

William Littreal

Mr. William B. Littreal has been appointed as the Senior Executive Vice President and Chief Strategy and Investment Relations Officer of TowneBank since June 2016; Senior Executive Vice President and Chief Operating Officer from April 2011 to June 2016; Executive Vice President and Director of Finance from April 2008 to April 2011.

Philip Rudisill

Mr. Philip M. Rudisill is Senior Executive Vice President and Chief Credit Officer of TowneBank since July 1, 2011; Senior Executive Vice President of Corporate Administration from March 2006 to May 2011.

Thomas Rueger

Mr. Thomas V. Rueger is Senior Executive Vice President of the Bank since January 2013; President and Chief Executive Officer of SunTrust Bank, Hampton Roads from August 2006 to May 2012.

George Whitley

Mr. George P. Whitley is Senior Executive Vice President and Chief Legal Officer of the Bank since September 2016. Partner, LeClair Ryan, Richmond, Virginia, from May 1994 to August 2016.

Richard Bray

Jud. (Retd.) Richard S. Bray is Lead Independent Director of TownBank. He has served as President, Chief Executive Officer, and Chairman of Beazley Foundation, Inc. (private foundation), Portsmouth, Virginia, since September 2002. He retired as Senior Judge, Court of Appeals of Virginia, in 2002. Judge Bray’s legal career spanned 32 years, culminating with him serving as Senior Judge on the Court of Appeals of Virginia. He has over 15 years of experience serving on the boards of three banking institutions, including TowneBank. Judge Bray’s experience in the legal community and his experience gained serving as a director in the banking industry are valuable assets to the Board.

Jacqueline Amato

Ms. Jacqueline B. Amato Director of TowneBank. Ms. Amato served as Chairman and Chief Executive Officer of TowneBank Mortgage from October 2012 to December 2016. Previously, she was President of TowneBank Mortgage from October 2000 to October 2012. Ms. Amato has over 30 years of experience running a successful mortgage company. Ms. Amato’s extensive experience with corporate strategy and the mortgage industry provide invaluable insight and guidance to our Board.

Andrew Fine

Mr. Andrew S. Fine is Director of TowneBank. Mr. Fine serves as President of The Runnymede Corporation (real estate development), Virginia Beach, Virginia. Mr. Fine has an extensive legal, business, and banking background. He has served as a director on the board of banking institutions, including TowneBank, for over 35 years. Mr. Fine’s background as an executive officer and his expertise in banking and legal matters make him a valuable member of the Board.

Gordon Gentry

Mr. Gordon Lewellyn Gentry, Jr., is Director of TowneBank. Mr. Gentry has served as Chairman of the Board of Directors of TowneBank Peninsula since April 2004. Mr. Gentry previously served as President and Chief Executive Officer of Harbor Bank from July 1995 until its merger with TowneBank in March 2004. Mr. Gentry began his banking career in 1960 and has served as president, regional executive, chief executive officer, and chairman of banking organizations since 1976. Mr. Gentry brings to our Board a wealth of leadership experience and community banking expertise.

Richard Morgan

Mr. Richard Scott Morgan is Director of the Bank. Mr. Morgan retired from service as President and Senior Loan Officer of TowneBank in June 2011. He served as President and Senior Loan Officer of TowneBank from April 1999 to June 2011. During Mr. Morgan’s 45 years in banking and financial services, he served in numerous leadership roles focusing on lending, policy, review, and management. As one of the founding officers of TowneBank, Mr. Morgan brings to our Board a deep understanding of our Company’s business, history, and organization, as well as extensive leadership, community banking expertise, and management experience.

R. Owens

Mr. R. V. Owens, III is Director of TowneBank. Mr. Owens is President and Chief Executive Officer of R.V. Owens Enterprises LLC (real estate development firm), Kill Devil Hills, North Carolina. He also served as owner of R.V.’s Restaurant in Nags Head, North Carolina. Mr. Owens’ experience as the owner and President of a local retail business, combined with his extensive knowledge of the local communities in northeastern North Carolina, makes him a valuable asset to the Board.

Richard Thurmond

Mr. Richard B. Thurmond is Director of TowneBank. Mr. Thurmond currently serves as the Southeast Regional President of Howard Hanna Real Estate Services. He served as President of William E. Wood and Associates (realty company), Virginia Beach, Virginia, from 1990 until its merger with Howard Hanna Real Estate Services in December 2013. Mr. Thurmond’s background as an executive officer and his extensive knowledge of the real estate industry bring a valuable perspective to the Board.

Richard Wheeler

Mr. Richard T. Wheeler, Jr., is Director of the Bank. Mr. Wheeler was Chairman, President and Chief Executive Officer of Franklin Financial Corporation and Franklin Federal Savings Bank (together, “Franklin”) until the merger with TowneBank in January 2015. Mr. Wheeler joined Franklin in 1992. Previously, he was a partner with KPMG LLP. Mr. Wheeler’s extensive experience in the local banking industry, prior experience as the Virginia banking industry leader for KPMG LLP, and involvement in business and civic organizations in the Richmond, Virginia community provides valuable insight regarding our business and operations.

Edward Baynor

Mr. Edward Lee Baynor is an Independent Director of TowneBank. Mr. Baynor has served as President of HBMD, LLC (land developer), Chesapeake, Virginia, since 2006 and President of Lee Baynor, Inc. (real estate development and home building company), Chesapeake, Virginia, since 1989. Mr. Baynor also served as President of Baynor Furniture, Inc., Chesapeake, Virginia, from 1960 to October 2010. Mr. Baynor has over 50 years of experience as the President of a local retail business, along with many years in residential and commercial construction, land development and commercial leasing. Mr. Baynor’s extensive business experience in the local community, combined with over 25 years of service as a director at banking institutions, make him a valuable asset to the Board.

Jeffrey Benson

Mr. Jeffrey F. Benson is an Independent Director of the Bank. Mr. Benson has served as Vice Chairman of the Board of Directors of TowneBank since the merger of Monarch with TowneBank in June 2016. Mr. Benson has served as a Partner of Overton Family Partnership, L.P. (real estate development and management), in Suffolk, Virginia, since 1985. Mr. Benson served as a director of Monarch until the merger with TowneBank in June 2016. Mr. Benson’s companies are involved in the development and management of commercial real estate, residential development and construction, as well as office and industrial development. Mr. Benson is very active in local youth activities. He also serves on the Board of Directors of Liberty University. Mr. Benson’s significant involvement in the residential and commercial real estate markets provides meaningful value and insight to the Board.

Bradford Cherry

Mr. Bradford L. Cherry is an Independent Director of TowneBank. Mr. Cherry has served as Chairman of the Board and Secretary of Cherry Carpet, Inc. since December 2010 and President of Cherry Properties Associates, L.C., Portsmouth, Virginia, since 1989. Mr. Cherry also served as President and Chief Executive Officer of Cherry Carpet, Inc. from 1989 to December 2010. Mr. Cherry’s senior management experience and financial expertise obtained as the Chief Executive Officer of a local business and his director experience at TowneBank and other banking institutions provide a valuable benefit to the Board of Directors.

Douglas Ellis

Mr. Douglas D. Ellis is Independent Director of TowneBank. Mr. Ellis has served as President of Ellis-Gibson Development Group (real estate development and property management), Virginia Beach, Virginia, since 1988. Mr. Ellis has over 40 years of experience in commercial real estate, including over 25 years as founder and President of the Ellis-Gibson Development Group. He has also served on the boards of several civic and business organizations, including the Virginia Beach Development Authority since 2001 and as a TowneBank regional director since 2005. Mr. Ellis’ extensive business, civic, and real estate experience in the local community, combined with his service as a TowneBank regional director, makes him a valuable asset to the Board.

John Failes

Mr. John W. Failes CPA., is Independent Director of TowneBank. Mr. Failes, a retired Certified Public Accountant, was the founder and owner of one of the largest local public accounting firms in the state of Virginia. Mr. Failes spent over 30 years in public accounting, working with a diverse cross-section of businesses in the local community, including banking institutions. Mr. Failes also has two decades of experience as a director of banking institutions and has served as a member on many civic and nonprofit boards.

Paul Farrell

Mr. Paul J. Farrell is an Independent Director of TowneBank. Mr. Farrell has served as President of Rosewell Corporation (real estate development), Chesapeake, Virginia, since March 1981, and President of Rosewell Homes, Inc. (home building), Chesapeake, Virginia, since November 2004. Mr. Farrell has over 50 years of experience in construction and real estate development. He also brings over 10 years of service as a regional director of banking institutions prior to his service with TowneBank. Mr. Farrell brings to our Board extensive knowledge of real estate and its related investment and financing activities, and provides insight into the state of the local economy.

John Lawson

Mr. John R. Lawson, II., is an Independent Director of TowneBank. Mr. Lawson serves as President and Chief Executive Officer, W.M. Jordan Company, Inc. (general construction contractor), Newport News, Virginia. He was a director of Harbor Bank from July 1996 to March 2004, when it was acquired by TowneBank. Mr. Lawson provides the valuable perspective gained from more than 30 years of leading a company with over $450 million in annual revenue as the Chief Executive Officer of W. M. Jordan Company, Inc.

Harry Lester

Mr. Harry T. Lester is Independent Director of TowneBank. Mr. Lester served as President of Eastern Virginia Medical School (“EVMS”), Norfolk, Virginia, from 2005 until April 2013. Previously, Mr. Lester was a member of the EVMS Board of Visitors for five years and served a portion of that time as Rector of the EVMS Board. During his tenure as President of EVMS, Mr. Lester was a catalyst for positive change throughout the school, including implementation of a series of strategic initiatives, forging stronger relationships with other educational institutions and with EVMS’ teaching hospitals, and securing additional funding to accommodate the growth of the school. Previously, he served as an officer in the U.S. Navy and had a successful career in commercial real estate of over 30 years. An active community leader, he serves on numerous boards, including serving 16 years as a regional director for TowneBank. Mr. Lester’s extensive senior management and community service experience, coupled with his knowledge of banking and commercial real estate, provides significant benefits to our Board.

William Lewis

Mr. William Ashton Lewis is an Independent Director of TowneBank. Mr. Lewis has served as President of Lewis Gibbs Corporation (automobile dealership holding company), Chesapeake, Virginia, and Treasurer of First Team Automotive Group, Chesapeake, Virginia, since 1999. Mr. Lewis has over 40 years of experience as the owner/operator of new auto dealerships and over 30 years of experience as a director of banking institutions. Mr. Lewis’ experience as a local entrepreneur and his banking industry experience make him an asset to the Board.

Stephanie Marioneaux

Dr. Stephanie J. Marioneaux, M.D., P.C., is an Independent Director of TowneBank. Dr. Marioneaux has served as an ophthalmologist in Chesapeake, Virginia, since 1989. Dr. Marioneaux has over 15 years of experience serving on a regional board of TowneBank. She has also served the local community as an ophthalmologist since 1989 and has been active in civic and professional organizations. Dr. Marioneaux has been recognized for her high ethical standards and volunteerism. She was one of five recipients of the Benjamin F. Boyd Humanitarian Medal for Services to the Americas in 2011, presented by the Pan-American Association of Ophthalmology, for her successful efforts to ship over $500,000 of ophthalmology equipment to Haiti after the earthquake in 2011. Dr. Marioneaux provides our Board with a valuable combination of community service experience and banking industry expertise.

Juan Montero

Dr. Juan M. Montero II., M.D. is an Independent Director of TowneBank. Dr. Montero is retired from practice as a General and Thoracic Surgeon. Dr. Montero has over 25 years of experience serving on the boards of banking institutions, including TowneBank. He also served the local community as a general/thoracic surgeon for 15 years. Dr. Montero brings a unique perspective to our Board by combining banking industry expertise with a strong focus on service in the community.

Thomas Norment

The Honorable Thomas K. Norment Jr., is an Independent Director of TowneBank. Mr. Norment has served as a professor at the College of William & Mary since 2008 and as a Commissioner of Accounts for the City of Williamsburg, Virginia, and James City County, Virginia, since 2009. In addition, he is “of counsel” at Kaufman & Canoles, P. C., where he was formerly a partner. A Virginia State Senator who serves on the Senate Finance Committee, Mr. Norment has represented the 3rd Senatorial District since 1992. Mr. Norment’s experience as an elected public official provides insight into the workings of state government and the issues facing constituents, many of whom reside in the Hampton Roads area.

Robert Oman

Mr. Robert M. Oman is an Independent Director of the Company. Mr. Oman has served as the President of Oman Funeral Homes, Inc., Chesapeake, Virginia, since 1985. He also serves as President of Hampton Roads Crematory, LLC, Simply Cremation, Inc., O & O Properties, LLC, and Oman Insurance Agency, LLC. Mr. Oman served as a director of Monarch until the merger with TowneBank in June 2016. Mr. Oman currently is President of the Virginia State Funeral Directors Association, where he also serves as Chairman of its Legislative Committee. Mr. Oman has the distinct honor of having been named a recipient of “Virginia’s Outstanding Funeral Director of the Year” by the Virginia Funeral Directors Association. He is a former member and past-President of the Virginia State Board of Funeral Directors and Embalmers and is a guest lecturer and instructor at Old Dominion University, Tidewater Community College, and the Chesapeake Public School System. He is a former four-term Chairman and currently serves as the senior member and Chairman of the Chesapeake Hospital Authority. Mr. Oman is a former President of the Tidewater Funeral Directors Association and is past-President and member of the board of the Chesapeake Hospice Council. As a small business owner and native of Chesapeake, Mr. Oman brings value and insight into our business banking focus as well as the community.

Elizabeth Patterson

Ms. Elizabeth T. Patterson is an Independent Director of the Bank. Ms. Patterson has served as President of Waypoint Advisors, LLC, a family office specializing in wealth management, legacy and philanthropic services for families and foundations, since 2001. Ms. Patterson served as a director of Monarch until the merger with TowneBank in June 2016. Ms. Patterson holds an M.B.A. in Finance and is a Certified Financial Planner. She is an active leader in the community, and has served on the boards of numerous civic and non-profit organizations. Previously, she served as Vice-Chair of the Chesapeake School Board. Ms. Patterson brings investment experience, analytical ability and leadership skills to her role on our Board.

Elizabeth Robertson

Ms. Elizabeth W. Robertson, CPA., is an Independent Director of the Bank. Ms. Robertson currently serves as Chief Financial Officer of Monument Restaurants, LLC, Richmond, Virginia. She was a director of Franklin until the merger with TowneBank in January 2015. Previously, she worked with KPMG LLP and Virginia Resources Authority. Ms. Robertson has extensive experience in audit and public accounting. Her involvement in multiple business and civic organizations in the Richmond, Virginia community provides valuable insight regarding our business and operations.

Dwight Schaubach

Mr. Dwight C. Schaubach is an Independent Director of the Company. Mr. Schaubach has served as Chief Executive Officer and President of Schaubach Companies of Virginia, Inc., Norfolk, Virginia, since 1975. Mr. Schaubach served as a director of Monarch until June 2016, when Monarch was merged into TowneBank. Mr. Schaubach has served as both an owner of several small and medium sized businesses and an entrepreneur. Mr. Schaubach’s experience allows him to provide insight into the community and bring meaningful value to our business banking focus.

Alan Witt

Mr. Alan S. Witt CPA., is an Independent Director of TowneBank. Mr. Witt has served as Chief Executive Officer of PBMares, LLP (accounting and business consulting firm), Newport News, Virginia, since its formation in January 2013. He previously served as Chief Executive Officer of Witt Mares, PLC from 1989 to December 2012, before its merger with PBGH, LLP in January 2013. He also served as a director of Harbor Bank from July 1996 until its merger with TowneBank in March 2004. Mr. Witt is a licensed CPA, practicing in public accounting and serving numerous clients in various industries, giving him broad-based experience and expertise in financial operating and reporting matters. Mr. Witt also has prior experience serving on the boards of several banking institutions. During his career, Mr. Witt served on the AICPA Credit Union Committee, and for a period of time served as the chairman of the subcommittee tasked with writing the AICPA Audit Guide – Audits of Credit Unions, issued in 1986. Mr. Witt provides an expertise in technical auditing and reporting matters related to financial institutions, which, combined with his experience as chief executive officer of a large regional public accounting and business consulting firm, is a unique and valuable asset to the Board.

F. Lewis Wood

Mr. F. Lewis Wood is an Independent Director of TowneBank. Mr. Wood has served as President of Hampton Chevrolet-Mazda, Hampton, Virginia, since 1971. Mr. Wood has over 45 years of experience managing retail auto dealerships. He also served as a director of various banking institutions. Mr. Wood’s experience has led to a knowledge of the local business environment and the banking industry, making him a particularly valuable component of the Board.