Monday, December 5, 2022

TowneBank Chooses Chief Executive Officer Successor

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TowneBank, which has branches in Hampton, Newport News, and York County, recently announced its Board of Directors has selected William (Billy) I. Foster to succeed J. Morgan Davis when Davis steps down as Chief Executive Officer at the end of this year.

Davis will stay on until March 31, 2023, to assist in the transition process and will continue to serve on the Board of Directors as an executive consultant, focusing on mergers and acquisitions, member relations, and other special projects.

This announcement follows a months-long process led by a special committee formed by the Board to search for a successor for Davis, and to conduct a comprehensive review and assessment of the company’s long-term management succession plan for its senior leadership management structure.

“Billy’s extraordinary leadership style is deeply rooted in the Towne culture of caring that serves as the foundation of our long-term success,” said G. Robert Aston, Jr., executive chairman, in a press release. “His stellar record of achievement throughout his career stands as tribute to his warm, welcoming nature that is a hallmark of great community bankers. Rest assured, the future strategic direction of our company will be to maintain a steady, conservative course while reaching for new and exciting horizons.”

Foster joined TowneBank in 2004 as regional president to lead the bank’s expansion into Norfolk. Since that time, he has served in several executive roles, including his current role as president of the banks’ markets in Central Virginia and North Carolina. Prior to joining TowneBank, he served as Eastern Region president of Central Fidelity Bank.

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