Sachin Shetty, Ph.D., Joins TowneBank Corporate Board of Directors

SUFFOLK, Va., March 05, 2024 (GLOBE NEWSWIRE) -- TowneBank (Nasdaq: TOWN) is pleased to announce that TowneBank has appointed Sachin Shetty, Ph.D., to its Board of Directors.

Dr. Shetty is an Executive Director for the Center for Secure and Intelligent Critical Systems and Professor with the Electrical and Computer Engineering Department at Old Dominion University, where he leads a research team focused on developing and integrating secure and intelligent technologies designed to ensure safe, reliable, and resilient critical infrastructure. Dr. Shetty, whose research interests lie at the intersection of computer networking, network security and machine learning, has published over 300 research articles. Dr. Shetty received his Ph.D. in Modeling and Simulation from ODU, his Master of Science in Computer Science from the University of Toledo, and a Bachelor’s degree in Computer Engineering from Mumbai University. He resides in Chesapeake with his family.

“TowneBank is honored to welcome Dr. Shetty to our Corporate Board of Directors,” said William I. “Billy” Foster III, TowneBank president and chief executive officer. “As part of the board’s commitment to provide governance and oversight for TowneBank and our family of companies, his extensive expertise in cybersecurity and data privacy will make him a key contributor to our risk management and modeling strategies. We look forward to having him on board.”

Founded in 1999, TowneBank is a company built on relationships, offering a full range of banking and other financial services, with a focus of serving others and enriching lives. Dedicated to a culture of caring, Towne values all employees and members by embracing their diverse talents, perspectives, and experiences.

Now celebrating 25 years, TowneBank operates 50 banking offices throughout Hampton Roads and Central Virginia, as well as Northeastern and Central North Carolina – serving as a local leader in promoting the social, cultural, and economic growth in each community. Towne offers a competitive array of business and personal banking solutions, delivered with only the highest ethical standards. Experienced local bankers providing a higher level of expertise and personal attention with local decision-making are key to the TowneBank strategy. Towne has grown its capabilities beyond banking to provide expertise through its affiliated companies that include Towne Wealth Management, Towne Insurance Agency, Towne Benefits, TowneBank Mortgage, TowneBank Commercial Mortgage, Berkshire Hathaway HomeServices RW Towne Realty, Towne 1031 Exchange, and Towne Vacations. With total assets of $16.84 billion as of December 31, 2023, TowneBank is one of the largest banks headquartered in Virginia.

For more information, contact:
G. Robert Aston, Jr., Executive Chairman, 757-638-6780
Sara Jo Rubin, Rubin Communications Group, 757-456-5212

Investor contact:
William B. Littreal, Chief Financial Officer, 757-638-6813

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/e3b12464-26e7-4c33-b986-3e4e7ccd2f12