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TowneBank announces president’s retirement, reorganizes executives

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TowneBank President and Senior Lending Officer R. Scott Morgan will retire on June 30, leading to a restructuring of executives at one of Virginia’s largest community banks.

Morgan will continue to serve on the Hampton Roads-based bank’s board of directors and executive committee. He will also continue to provide consulting services and assist with special projects, according to a statement.

Morgan founded TowneBank with Chairman G. Robert Aston Jr. and another banking associate in 1998. Today the bank is one of the largest headquartered in Virginia, with 26 banking offices and total assets of $3.97 billion as of March 31.

With Morgan’s retirement comes reorganizing of TowneBank’s executive management team, effective July 1.

President of Towne Financial Services since 2005, J. Morgan Davis has been elected president and chief banking officer with responsibility for community banking activities. Davis joined Towne in 1999 as president of TowneBank of Virginia Beach.

William D. Sessoms Jr., president of TowneBank of Virginia Beach, has replaced Davis as president of CEO of Towne Financial Services. Sessoms, who is the mayor of Virginia Beach, joined TowneBank in 2005.

Philip M. Rudisill will become senior executive vice president and chief credit officer, which will fill the lending role vacated by Morgan’s retirement. Rudisill will be responsible for credit policy and the credit quality of the bank’s loan portfolio. He joined TowneBank in 2006.

The current president of TowneBank of Norfolk, William I. Foster III, has been elected president of TowneBank of Virginia Beach. Foster has served as president since 2004.

John P. Matson, who joined Towne in 2007 as a senior executive vice president and head of corporate banking, will replace Foster as president of TowneBank of Norfolk.

Teaming up with Matson will be John Baiocco, who will manage the commercial lending group in Norfolk as senior executive vice president and senior lending officer.

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