It’s been 25 years since G. Robert “Bob” Aston Jr. gathered like-minded individuals in his two-car Portsmouth garage with the dream of starting a bank.
A quarter of a century later, hundreds convened at the Virginia Beach Convention Center on May 22 for TowneBank’s annual shareholders meeting to celebrate its milestone anniversary and look to its future.
Aston, executive chairman, recollected the bank’s opening on April 8, 1999, with the support and a high level of trust of 4,000 founding shareholders.
“So much good has happened as a result of the faith that you all had to put up the money that allowed us to start this company,” Aston said. “In fact, without you, we wouldn’t be standing here today.”
Most of the founders had worked for BB&T, and Aston got a good laugh when he said that early on, they nicknamed themselves GB&T — standing for Garage Bank & Trust.
The bank grew from three initial branches in Virginia Beach, Chesapeake and Portsmouth to 51 branches throughout Virginia and North Carolina.
The numbers speak for themselves. The bank grew from zero deposits and no customers to $14.1 billion in deposits and 108,000 customers. It grew from $37 million raised in assets in 1999 to $16.9 billion today. Eighty-four employees grew to 2,700.
Towne also operates financial services that include insurance, wealth management, mortgage and real estate.
Through all the hard work and dedication, Aston praised the company’s culture and strong relationships as key to its success. And he said the secret sauce is just to be nice to people.
“We don’t have more money. We don’t have more technology. We don’t have more employees. We don’t really have more of anything, except we’ve got more really nice people and that is what has built the company,” he said.
TowneBank President and CEO William I. Foster III lauded it as one of the largest independent banks headquartered in Virginia.
“It has consistently been a high-performing bank, earning numerous industry accolades and achieving many important milestones,” Foster said.
Foster, who took over as chief executive on Jan. 1, 2023, said Aston’s energy, passion, positivity and commitment are what inspired him to get in the game 20 years ago.
“Having him around makes you, certainly, a better banker,” Foster said. “Working with him every day makes you a better teammate and it makes you a better person.”
Foster contemplated Towne’s next 25 years, noting that the creation of a strong company means the ability to handle anything that comes along — high or low interest rates or a good or bad economy.
“We’ll continue our strategy of organic growth, going south down 85 from Richmond, maybe into South Carolina at some point,” he said.
Foster showed a 3D video of a planned Towne for Life employee-focused building on the Harbour View Boulevard campus in Suffolk. The new facility will feature a two-story gymnasium, a workout area, a bistro and lakeside seating. All employees were asked to return to the office five days a week as of May 1.
Foster also introduced the third class of LEAD, Towne’s management training program featuring a dozen recent college graduates.
And as the younger generation makes its entrance into the banking industry, two of Towne’s corporate directors, Jacqueline Amato and Bradford Cherry, were recognized for their transition to emeritus status.
Dawn S. Glynn, president and chief experience officer for Towne’s corporate services group, took time to note the recent death of retired Judge Richard S. Bray, lead director of TowneBank’s corporate board.
“Annual meeting day was Richard’s favorite day,” Aston said. “Hopefully, he’s smiling down on us today.”
Sandra J. Pennecke, 757-652-5836, sandra.pennecke@pilotonline.com
