TowneBank announced that its Board of Directors selected William (Billy) I. Foster, III to succeed J. Morgan Davis when he steps down as Chief Executive Officer on December 31, 2022. Mr. Davis, who plans to retire on March 31, 2023 after assisting with the transition process, will continue to serve on the Board of Directors of the Company and as an executive consultant focused on mergers and acquisitions, member relations and other special projects. This announcement follows a months-long process led by a special committee formed by the Board to direct the search for Mr. Davis' successor and to conduct a comprehensive review and assessment of the Company's long-term management succession plan for its senior leadership management structure.

Mr. Foster joined the Towne family in 2004 as Regional President to lead the Bank's expansion into the Norfolk community. Since that time he has served in several executive roles, including his current role as President of the Bank's markets in Central Virginia and North Carolina. Prior to joining Towne, he served as the Eastern Region President of Central Fidelity Bank.