TowneBank Announces Special Cash Dividend

TowneBank (Nasdaq: TOWN) announced today that its Board of Directors declared a onetime special dividend of $0.70 per common share payable on May 20, 2026 to shareholders of record as of the close of business on May 4, 2026. The total dividend payout of approximately $65 million represents a payment to our shareholders of roughly 32% of the estimated $203 million gain, before taxes and deal costs, recognized by TowneBank on the sale of its Resort Property Management business that was completed on April 3, 2026 for a purchase price of $250 million. “Throughout the years we have executed on the unique strategy of building intrinsic value for our shareholders through various investments in non-bank businesses. Today’s special dividend is a result of the success of our strategy,” said G. Robert Aston, Jr., Executive Chairman. The amount and declaration of future cash dividends are subject to Board of Directors’ approval in addition to regulatory restrictions.... Read more

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