SUFFOLK, Va., Oct. 13, 2022 (GLOBE NEWSWIRE) — TowneBank (the “Company” or “Towne”) TOWN, VILLAGE today announced the promotion of William T. Morrison to President and Chief Executive Officer of Towne Financial Services Group and James M. Miller to Chief Executive Officer of TowneBank Mortgage. The moves are part of the company’s new board-approved executive succession plan.

As head of Towne Financial Services Group, Morrison will oversee the firm’s non-bank businesses including residential mortgages, insurance, real estate brokerage, wealth management and vacation property management. He will also join Towne’s Corporate Management Group, which consists of the company’s senior executive leadership team. Morrison has served as chairman and chief executive officer of the firm’s mortgage division since its 2016 merger with Monarch Bank, where he held a similar position at Monarch Mortgage. A graduate of Old Dominion University with over 35 years of leadership experience in banking and financial services, Morrison’s community involvement includes serving on the boards of An Achievable Dream and Norfolk Innovation Corridor, and as Chair of the Old Dominion University Executive Advisory Council for the College of Business and Public Administration Administration.

“Will’s leadership has brought tremendous success to TowneBank Mortgage,” said Executive Chairman G. Robert Aston, Jr. “Towne Financial Services Group represents a significant noninterest revenue stream for our business, and Will is well positioned to deliver both that.” To manage growth as well as the efficiency of how these revenue streams come together.”

Miller has served as President of TowneBank Mortgage since 2019 and will continue to hold that title in his new leadership role. He previously held the role of Chief Operating Officer, a position he also held at Monarch Mortgage. A banking industry veteran, he has held leadership positions at local and regional financial institutions for the past several years.