TowneBank’s board of directors selected William (Billy) I. Foster III to succeed J. Morgan Davis as CEO. Davis will step down as CEO on Dec. 31 and will retire on March 31, 2023, after assisting with the transition process. He will continue to serve on the board of directors of the company and as an executive consultant focused on mergers and acquisitions, member relations and other special projects.
Foster joined TowneBank in 2004 as regional president to lead the bank’s expansion into Norfolk, VA. Since that time, he has served in several executive roles, including his current role as president of the bank’s markets in central Virginia and North Carolina. Before joining TowneBank, he served as the eastern region president of Central Fidelity Bank.
“Billy’s extraordinary leadership style is deeply rooted in the Towne culture of caring that serves as the foundation of our long-term success,” G. Robert Aston, Jr., executive chairman at TowneBank, said. “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.”
“I am excited about our future and look forward to working alongside Billy, our president, Brad Schwartz, and our phenomenal executive leadership team in continuing to serve our communities while creating value for our shareholder partners,” Aston said.
“The impact Morgan Davis has made on the culture of our company and the success we have achieved cannot be overstated. I look forward to working with Bob and the entire management team as we look to the future while remaining true to our culture of caring for others and enriching lives in every community we serve,” Foster said.
