TowneBank Continues Expansion Into Insurance

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January 5, 2010 (FinancialWire) -- Hampton Roads based TowneBank (NASDAQ: TOWN) and the Taylor Johnson Insurance Group jointly said the closing of a business combination where the Taylor Johnson Group will affiliate with Towne Insurance Agency, a wholly owned subsidiary of TowneBank.

Taylor Johnson Group, headquartered in Virginia Beach, Virginia was established in 1922 and is one of the most respected names in the insurance market place. It currently employs 36 insurance, employee benefits, and risk management professionals and serves a distinguished client list throughout Hampton Roads and beyond.

Towne Insurance Agency was formed in 2001 when Kellam, Eaton and Huey and the Chesapeake Agency joined together to lead the entry of TowneBank into the insurance business. Since then, five other agencies have affiliated with Towne including TFA Benefits, the Brooks Agency, Johnson and West, Benefit Design Group and the Weber-Pyle Agency. With the Taylor Johnson Group affiliation, Towne Insurance will rank in the top twenty bank-owned insurance agencies in the country.

As one of Virginia's top community banks, TowneBank now operates 18 banking offices in Chesapeake, Hampton, Portsmouth, Newport News, Virginia Beach, Norfolk, Williamsburg and York County.

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