TowneBank declares 70c per share special cash dividend

TowneBank (TOWN) announced today that its board of directors declared a one-time special dividend of 70c per common share payable on May 20, to shareholders of record as of the close of business on May 4. The total dividend payout of approximately $65M represents a payment to shareholders of roughly 32% of the estimated $203M gain, before taxes and deal costs, recognized by TowneBank on the sale of its Resort Property Management business that was completed on April 3, for a purchase price of $250M. “Throughout the years we have executed on the unique strategy of building intrinsic value for our shareholders through various investments in non-bank businesses. Today’s special dividend is a result of the success of our strategy,” said Robert Aston, executive chairman.