Industries Banking/Finance

TowneBank’s founding CFO to retire in March

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Clyde E. McFarland Jr., the founding chief financial officer of Portsmouth-based TowneBank, plans to retire next month.

McFarland joined TowneBank organizers on a part-time basis in 1998 when they began operating from the garage of G. Robert Aston, Jr., the company’s founding chairman and CEO. McFarland joined the bank full time on March 1, 1999.

After his retirement, McFarland will be retained by the company on a consulting basis through March 2022.

He also will serve as a member of the TowneBank Outer Banks board of directors in Southern Shores, N.C., where he maintains a seasonal residence.

Aston said the bank expects to name McFarland’s successor before his retirement.

Based data as of Sept. 30, 2017 and reflecting the recently completed merger with Paragon Commercial Corp., TowneBank would have total assets of $10.5 billion, gross loans of $7.3 billion and total deposits of $7.8 billion.

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