TowneBank


TowneBank is an FDIC insured institution headquartered at 5716 High St W, Portsmouth, VA 23703.
It was founded in 1999 and has approximately $17 billion in assets. Customers can open an account at one of its 44 branches.

Deposit Rates - June 24, 2024

SAVINGS RATES APY MIN
CD RATES APY MIN
6 Mo CD
0.05% $10,000 Compare
6 Mo CD
0.05% $100,000 Compare
12 Mo CD
0.10% $10,000 Compare
12 Mo CD
0.10% $100,000 Compare
18 Mo CD
0.15% $10,000 Compare
18 Mo CD
0.15% $100,000 Compare
24 Mo CD
0.20% $10,000 Compare
24 Mo CD
0.20% $100,000 Compare
30 Mo CD
0.20% $10,000 Compare
30 Mo CD
0.20% $100,000 Compare
36 Mo CD
0.20% $10,000 Compare
36 Mo CD
0.20% $100,000 Compare
48 Mo CD
0.20% $10,000 Compare
48 Mo CD
0.20% $100,000 Compare
60 Mo CD
0.20% $10,000 Compare
60 Mo CD
0.20% $100,000 Compare
MM RATES APY MIN
Money Market
0.01% $2,500 Compare
Money Market
0.02% $10,000 Compare
Money Market
0.03% $25,000 Compare
PREMM RATES APY MIN
Premium Money Market
0.01% $10,000 Compare
Premium Money Market
0.03% $25,000 Compare
FIXED IRA RATES APY MIN
Fixed IRA
0.10% $1
INT CHECKING RATES APY MIN
Int Ckg
0.01% $1
Int Ckg
0.01% $2,500

Overview 2024

General Bank Information

FDIC Insured Yes
FDIC Certificate # 35095
Date Established 1999
Assets $ 16.84 billion
Loans $ 11.35 billion
Deposits $ 14.01 billion
Capital $ 2.06 billion

Summary Balance Sheet as of June 30, 2023

ASSETS
Cash & Balances due from depository institutions $ 1,128.36 million
Interest-bearing balances $ 1,004.09 million
Total securities $ 2.61 billion
Federal funds sold and reverse repurchase N.A.
Net loans and leases $ 11.35 billion
Loan loss allowance $ 126.46 million
Trading account assets N.A.
Bank premises and fixed assets N.A.
Other real estate owned $ 0.18 million
Goodwill and other intangibles $ 520.97 million
All other assets $ 573.67 million
     Total Assets $ 14.78 billion

LIABILITIES
Total deposits $ 14.01 billion
      Interest-bearing deposits $ 9.55 billion
      Deposits held in domestic offices $ 14.01 billion
      % insured (estimated) 54.68%
Federal funds purchased and repurchase agreements $ 32.83 million
Trading liabilities N.A.
Other borrowed funds $ 55.47 million
Subordinated debt $ 248.04 million
All other liabilities $ 238.68 millionn
      Total Liabilities $ 14.78 billion
      Shareholders’ Equity $ 2.06 billion

Summary Income Statement as of June 30, 2023

INCOME AND EXPENSES
Total Interest Income $ 705.44 million
Total Interest Expense $ 247.46 million
Net interest income $ 457.97 million
Provision for loan and lease losses $ 19.06 million
Total non interest income $ 297.96 million
Total non interest expense $ 550.65 million
Pre-tax Net Operating Income $ 115.68 million

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Branches

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Your current location is: Ashburn, VA

TowneBank Locations

Savings Comparison

This analysis is for demonstrative purposes only. Savings rates may go up or down, and CD rates may not be renewable for the length of the term of the analysis.

PRODUCT
BANK
BANK TYPE
STATE
AMOUNT
TERM
APY
VS.NATL'L AV.
MIN
MILES

Tax Rate: 30%

All calculations are for demonstration purposes only.

  • 1
    LOCAL CD
    Bank
    VIRGINIA
    $50,000
    6 Month
    0.05%
    0.12x (National Avg. - 0.40%)
    $10,000
    -
    SCENARIO
    Year Rate
    0.05%
    Annual
    Interest
    Annual Interest
    (After Tax)
    1 50,000 25 18
    2 50,025 25 18
    3 50,050 25 18
    4 50,075 25 18
    5 50,100 25 18
    6 50,125 25 18
    7 50,150 25 18
    8 50,175 25 18
    9 50,200 25 18
    10 50,225 25 18
    11 50,251 25 18
    12 50,276 25 18
    13 50,301 25 18
    14 50,326 25 18
    15 50,351 25 18
    16 50,376 25 18
    17 50,402 25 18
    18 50,427 25 18
    19 50,452 25 18
    20 50,477 25 18
    TOTAL $502 $352
  • 2
    LOCAL CD
    Bank
    -
    $50,000
    7 Month
    5.25%
    N.A.
    $5,000
    -
    SCENARIO
    Year Rate
    5.25%
    Annual
    Interest
    Annual Interest
    (After Tax)
    1 50,000 2,625 1,838
    2 52,625 2,763 1,934
    3 55,388 2,908 2,036
    4 58,296 3,061 2,142
    5 61,356 3,221 2,255
    6 64,577 3,390 2,373
    7 67,968 3,568 2,498
    8 71,536 3,756 2,629
    9 75,292 3,953 2,767
    10 79,244 4,160 2,912
    11 83,405 4,379 3,065
    12 87,784 4,609 3,226
    13 92,392 4,851 3,395
    14 97,243 5,105 3,574
    15 102,348 5,373 3,761
    16 107,721 5,655 3,959
    17 113,377 5,952 4,167
    18 119,329 6,265 4,385
    19 125,594 6,594 4,616
    20 132,187 6,940 4,858
    TOTAL $89,127 $62,389
  • 3
    LOCAL CD
    Bank
    -
    $50,000
    13 Month
    5.35%
    N.A.
    $5,000
    -
    SCENARIO
    Year Rate
    5.35%
    Annual
    Interest
    Annual Interest
    (After Tax)
    1 50,000 2,675 1,873
    2 52,675 2,818 1,973
    3 55,493 2,969 2,078
    4 58,462 3,128 2,189
    5 61,590 3,295 2,307
    6 64,885 3,471 2,430
    7 68,356 3,657 2,560
    8 72,013 3,853 2,697
    9 75,866 4,059 2,841
    10 79,925 4,276 2,993
    11 84,201 4,505 3,153
    12 88,705 4,746 3,322
    13 93,451 5,000 3,500
    14 98,451 5,267 3,687
    15 103,718 5,549 3,884
    16 109,267 5,846 4,092
    17 115,113 6,159 4,311
    18 121,271 6,488 4,542
    19 127,759 6,835 4,785
    20 134,594 7,201 5,041
    TOTAL $91,795 $64,256