September 28, 2009 (FinancialWire) — Hampton Roads based TowneBank (NASDAQ: TOWN) said its board of directors on September 23, 2009 declared a cash dividend of $12.50 per share on its series B Fixed-Rate Non-Cumulative Perpetual preferred stock.

This preferred dividend is payable on November 16, 2009, to the shareholder of record as of November 2, 2009. This is the fourth quarterly dividend payment to the U.S. Department of the Treasury, the shareholder of record, on the preferred stock issued to it by TowneBank under the Capital Purchase Program of the government’s Troubled Asset Relief Program .

The amount and declaration of future cash dividends are subject to board of director’s approval in addition to regulatory restrictions.

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