TowneBank announced that Brad E. Schwartz, Towne’s President and Chief Operating Officer, will retire from the company on Dec. 31, 2022. Schwartz also plans to step down as a director of the company when his current term expires at the 2023 annual meeting of shareholders. Following his retirement at year end, Schwartz will serve as a senior advisor through 2025 to ensure a smooth transition of his roles and responsibilities.

Schwartz joined Towne in 2016 as Chief Operating Officer with the merger of Monarch Bank, where he served as Chief Executive Officer since 2009. Schwartz took on the role of President in July 2021.

“Our Towne family is deeply appreciative of the exceptional contribution Brad has made to the growth and prosperity of our Company. As our president and chief operating officer, he has provided executive leadership throughout the Company, along with leading the enhancement of our operational infrastructure to support a doubling of bank assets during the past six years,” said G. Robert Aston, Jr., Executive Chairman.

“I treasure my 18 years in Hampton Roads with both Towne and Monarch Bank, and 38 years in community banking in Virginia. I have decided to retire from banking full-time and focus on the next chapter of my life. I am proud of all that we accomplished during my tenure at both banks and am confident that Towne will continue to grow and prosper in the years ahead,” said Schwartz.

The Board of Directors approved the appointment of William (Billy) I. Foster III to succeed Schwartz as President, which will be in addition to his new position as Chief Executive Officer when he succeeds J. Morgan Davis also at year end.

With total assets of $15.95 billion as of Sept. 30, 2022, TowneBank is one of the largest banks headquartered in Virginia.