TowneBank announced that J. Morgan Davis, a founding member of the Company plans to retire in 2022. In order to ensure a smooth and orderly transition process, Mr. Davis intends to remain in his current position until the appointment of his successor and will help with the transition as necessary, after which he will serve as a senior advisor to the Company. Mr. Davis has held a variety of key leadership roles at the Company since its founding in 1999, and served as President from 2011 through 2021, and as Chief Executive Officer since 2018, a position he will continue to hold until his successor is appointed.

To ensure a high level of executive management continuity, the Company also reported that Mr. Aston has re-affirmed his intent to continue to serve as Executive Chairman of the Company for the remaining three-year term of his employment agreement.