Towne Insurance Agency Announces Expanded Executive Management Team and Naming of New President and Chief Executive Officer
20 February 2021 - 6:00AM
TowneBank (Nasdaq: Town) today reported that its wholly-owned
insurance brokerage subsidiary, Towne Insurance Agency, has
expanded its Executive Management Team in a move designed to
accelerate the strategic development of the agency throughout
Virginia, North Carolina and the southeastern United States.
Effective February 16, 2021, W. Douglas Russell joined the Towne
Insurance team as President and Chief Executive Officer, succeeding
F. Dudley Fulton who will remain with the company as President
Emeritus serving in a consulting capacity focused on agency
acquisitions.
Russell, 58 years of age with over 35 years of insurance
industry experience, has held leadership positions with Henderson
& Phillips, Inc., USI Insurance Services, Thomas Rutherfoord,
Inc., Marsh & McLennan Agency, and most recently as President
of Core Assurance Partners headquartered in Virginia Beach,
Virginia.
In addition to Russell, the expanded Executive Management team
will consist of Christopher T. Rogerson, Chief Operating
Officer; Richard P. Herzberg, President of Towne Benefits; Joseph
D. Harrow, President of the Virginia Region of Towne Insurance;
James E. Clement, Jr., President of the North
Carolina and South Carolina Region of Towne Insurance; and
B. Boyd Griffin, Jr, Executive Vice President and Chief
Financial Officer.
Under Fulton’s leadership, Towne Insurance has grown to be the
fifth largest bank-owned insurance agency in the United States with
over $78 million in revenue. “I continue to be excited about the
future of our agency, and I can’t think of anyone better than Doug
to lead Towne Insurance into the future,” said Fulton. “I am
looking forward to my new role assisting him in our continued quest
to acquire top notch agencies across our footprint.”
“It is an honor to be selected to lead this extraordinary
organization,” added Russell. “I know many of the Towne team
members and have always admired and respected all insurance
professionals associated with our company. I am humbled and excited
about the opportunity to continue to build on the tremendous legacy
that Dudley and the Towne Insurance team have built.”
About TowneBank:
Founded in 1999, TowneBank is a company built on
relationships, offering a full range of banking and other financial
services, with a mission of serving others and enriching lives.
Dedicated to a culture of caring, Towne values all employees and
members by embracing their diverse talents, perspectives, and
experiences.
Today, the bank operates over 40 banking offices throughout
Hampton Roads and Central Virginia, as well as Northeastern and
Central North Carolina – serving as a local leader in promoting the
social, cultural, and economic growth in each community. Towne
offers a competitive array of business and personal banking
solutions, delivered with only the highest ethical standards.
Experienced local bankers providing a higher level of expertise and
personal attention with local decision-making are key to the
TowneBank strategy. Towne has grown its capabilities beyond banking
to provide expertise through its controlled divisions and
subsidiaries that include Towne Investment Group, Towne Wealth
Management, Towne Insurance Agency, Towne Benefits, TowneBank
Mortgage, TowneBank Commercial Mortgage, Berkshire Hathaway
HomeServices Towne Realty, Towne 1031 Exchange, LLC, and Towne
Vacations. With total assets of $14.63 billion as of December 31,
2020, TowneBank is one of the largest banks headquartered in
Virginia.
About Towne Insurance:
Towne Insurance, a wholly owned subsidiary of TowneBank, is a
premier insurance agency providing comprehensive solutions and risk
management programs to businesses of all sizes, including property
and casualty insurance, workers’ compensation, bonding, employee
benefits and more. Additionally, personal lines agents specialize
in home, auto, umbrella and flood insurance. Headquartered in
Hampton Roads in southeastern Virginia, and serving communities
across Virginia, North Carolina, and South Carolina, Towne’s over
400 experienced professionals work with the nation’s top-rated
insurance companies to find members the right coverage at a
competitive price. For more information, visit
www.TowneInsurance.com.
For more information,
contact:Sara Jo Rubin, Rubin Communications Group,
757-456-5212
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