Strome Business Minute With Dr. Jeff Tanner

Towne Bank announced earnings last week that beat Wall Street estimates but were down off a year ago. The Street had expected fifty-one cents per share but the bank came in a fifty-two, just below last year’s fifty-four cents per share. Revenues were one hundred and forty six million, right at the estimate and up more than five percent over last year’s one hundred and thirty-eight million. Towne Bank shares are up nineteen percent, just a little below the S and P 500. Towne Bank has been aggressive in snagging top talent away from Sun Trust and BB&T following the announcement of their merger. They also continue to be aggressive in growing through acquisition, with rumors of additional purchases outside of Virginia to come.