Friday, January 27, 2023

TowneBank President Set To Retire By End Of The Year

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TowneBank recently announced that Brad E. Schwartz, its president and chief operating officer, will retire on December 31, 2022. Schwartz also intends to step down as director of the company when his current term expires at the 2023 annual meeting of shareholders. Following his retirement at the end of the year, Schwartz will serve as a senior advisor through 2025 to ensure a smooth transition of his roles and responsibilities.

Schwartz joined TowneBank 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 of TowneBank in July 2021.

“I treasure my 18 years in Hampton Roads with both Towne and Monarch Bank, and 38 years in community banking in Virginia,” said Schwartz in a press release. “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 have accomplished during my tenure at both banks and am confident that Towne will continue to grow and prosper in the years ahead.”

Following Schwartz’s intent to retire, the TowneBank 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 the end of the year.

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