TowneBank awarded outstanding CRA rating

Published 4:58 am Sunday, May 3, 2020

Getting your Trinity Audio player ready...

In a recent evaluation by the Federal Deposit Insurance Corporation (FDIC), TowneBank received an overall rating of “Outstanding” – the highest rating possible – on its Community Reinvestment Act (CRA) performance. This rating marks the fifth and consecutive time that TowneBank has been awarded an outstanding rating since the bank’s founding in 1999.

CRA exams evaluate performance and initiatives in meeting the credit needs of service areas, including low- and moderate-income individuals, neighborhoods and businesses. The evaluation also considers community development loans and services, along with a review of the community development investments within the bank’s assessment area.

In rating TowneBank “Outstanding,” the FDIC cited the following projects:

Get the latest headlines sent to you

– a $10 million line of credit to a Virginia based public housing authority empowered to implement housing, community development, redevelopment and revitalization programs;

– an $8 million loan to finance the construction of a 70-unit multi-family low-income housing apartment complex, where all units are qualified for LIHTCs;

– an $18.5 million line of credit to a Virginia based 501c3 non-profit established by the state legislature in order to generate private sector support for affordable housing;

– a $1.2 million line of credit for a non-profit organization that provides comprehensive child and family services through a neighborhood assistance tax credit program for an education approved organization;

– a $2.1 million loan for affordable housing in an apartment complex located within a low-income tract in Raleigh.

Since the last evaluation, TowneBank has made equity investments and charitable donations totaling more than $164 million, representing 12.5% of the bank’s total investments as of June 30, 2019.

TowneBank operates 42 banking offices serving Chesapeake, Chesterfield County, Glen Allen, Hampton, James City County, Mechanicsville, Newport News, Norfolk, Portsmouth, Richmond, Suffolk, Virginia Beach, Williamsburg, and York County in Virginia, along with Raleigh, Cary, Charlotte, Moyock, Grandy, Greenville, Greensboro, Camden County, Southern Shores, Duck, Corolla and Nags Head. Towne also offers financial services through its controlled divisions and subsidiaries that include Towne Investment Group, Towne Wealth Management, Towne Insurance Agency, Towne Benefits, TowneBank Mortgage, TowneBank Commercial Mortgage, Berkshire Hathaway HomeServices Towne Realty, Towne 1031 Exchange, LLC and Towne Vacations.

With total assets of $11.95 billion as of December 31, 2019, TowneBank is one of the largest banks headquartered in Virginia.