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Towne Bank TOWN

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Morningstar’s Analysis

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Economic Moat

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Company Profile

Business Description

Towne Bank operates in Virginia and North Carolina. The company offers a diversified range of financial services through banking and nonbanking subsidiaries, and primarily serves the financial needs of individuals and small to medium-size businesses. The company has three reportable operating segments, which include banking, realty, and insurance. The banking segment provides traditional banking functions, along with commercial mortgage brokerage services and asset management services. The bank operates through a decentralized business model, while administrative decisions are made at the corporate level. The bank's strategic plan emphasizes generating fee income, which still trails its net interest income. Most of the company's loan portfolio is in real estate loans.

Contact
5716 High Street
Portsmouth, VA, 23703
T +1 757 638-7500
Sector Financial Services
Industry Banks - Regional
Most Recent Earnings Dec 31, 2020
Fiscal Year End Dec 31, 2020
Stock Type Cyclical
Employees 2,450