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TowneBank Declares One-Time Special Dividend After Closing Sale of Resort Property Management Business

-- TowneBank (TOWN) has declared a one-time special dividend of $0.70 per common share, payable May 20 to shareholders of record on May 4, the company said Thursday.

The special dividend was declared after TowneBank's $250 million sale of its Resort Property Management business closed on April 3, according to a statement.

The total dividend payout of roughly $65 million is about 32% of the estimated $203 million gain from the sale, before taxes and deal costs, the company said.

Price: $34.55, Change: $-0.90, Percent Change: -2.54%

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