Who are TowneBank's competitors, and what are the alternatives?
TowneBank's 2025 10-K, filed with the FDIC on February 27, 2026, says it competes with other banks, savings institutions, credit unions, consumer finance companies, insurance and real estate companies, and increasingly with companies based on financial technology, offering crowdfunding, digital wallets and money transfer. At home it leads: in the Virginia Beach-Chesapeake-Norfolk metro area it held $9.52 billion, or 31.73% of branch deposits, at June 30, 2025, ahead of Truist (17.09%), Wells Fargo (15.99%) and Bank of America (13.61%). Statewide in Virginia it ranked 6th with 3.53%, behind Capital One (19.19%), Bank of America, Truist, Wells Fargo and Atlantic Union (6.25%). Virginia supplied 74.15% of its deposits at December 31, 2025 and North Carolina 23.07%, where it ranked 13th with 0.54% and the market is led by Bank of America (45.88%), Truist and First Citizens. The regional rivals for business clients are Atlantic Union, which is opening 10 North Carolina branches, United Bankshares, F.N.B., which plans almost 30 Southeast and Mid-Atlantic branches, and SouthState and Pinnacle in the Carolinas. The non-bank rivals named in the 10-K, fintechs offering bank-like products and digital wallets, are clearest in everyday banking: Chime had 10.4 million active members in June 2026, and Block lists banks among the competitors of Square and Cash App.[1][2][3][4][5][6][7][8]
Data as of Oct 20, 2026 · TowneBank profile updated Oct 13, 2026 · computed tables recalculate from the 140 bank profiles on this site · Markdown
What does TowneBank say about its competition?
"Because we offer a wide variety of financial services, we compete with other financial institutions as well as other financial service providers, mortgage loan originators, and insurance companies. Competition is generally based on pricing and quality of products and services offered, convenience, availability, and the degree of expertise and personal manner in which services are offered."[1]
"There is significant competition within the banking and financial services industry in our market areas. We face competition from other banks, savings institutions, credit unions, consumer finance companies, insurance companies, real estate companies, and other financial institutions in our targeted market areas. Many of our larger competitors have broader geographic markets and substantially greater resources and can offer more diversified products and services. Increasingly, we compete with other companies based on financial technology and capabilities. Competition among providers of financial products and services continues to increase as technology advances have lowered the barriers to entry for financial technology companies, with customers having the opportunity to select from a growing variety of traditional and nontraditional alternatives, including crowdfunding, digital wallets, and money transfer services."[1]
"Despite the intense level of competition, we believe the existing and future banking and financial services market in our market areas represents excellent opportunities for a locally owned and managed financial services company with a strong community philanthropic philosophy, such as TowneBank. ... Further, in view of the continuing trend in the financial services industry toward consolidations into larger, sometimes impersonal, national institutions, our company fulfills a market demand for the personal and customized financial services an independent, locally run company can offer."[1]
From the risk factors of the same 10-K: "Fintech companies have and may continue to offer bank or bank-like products, and some fintech companies have applied for bank charters. In addition, other fintech companies have partnered with existing banks to allow them to offer deposit products to their customers. Many of these competitors have substantially greater resources and lending limits than we have and offer services that we do not provide." (2025 Form 10-K, filed with the FDIC on February 27, 2026.)[1]
Who competes with TowneBank in each of its businesses?
| Business line | Competitor | Type | Why it competes |
|---|---|---|---|
| Home region: Hampton Roads and Virginia | Truist | Bank | Second in the Virginia Beach-Chesapeake-Norfolk metro with $5.13 billion of deposits (17.09%) in 38 offices, and third in Virginia with $48.8 billion (14.92%) in 259 offices at June 30, 2025.[2][3] |
| Home region: Hampton Roads and Virginia | Wells Fargo | Bank | Third in Hampton Roads with $4.80 billion (15.99%) in 29 offices and fourth in Virginia with $40.6 billion (12.42%) at June 30, 2025.[2][3] |
| Home region: Hampton Roads and Virginia | Bank of America | Bank | Fourth in Hampton Roads with $4.08 billion (13.61%) and second in Virginia with $55.6 billion (17.00%) in 99 offices at June 30, 2025.[2][3] |
| Home region: Hampton Roads and Virginia | Capital One | Bank | The largest deposit holder in Virginia, its home state: $62.7 billion, or 19.19%, booked in 21 offices at June 30, 2025, including deposits gathered nationally online.[3] |
| Home region: Hampton Roads and Virginia | Atlantic Union Bankshares | Bank | Richmond-based Atlantic Union is Virginia's largest regional bank, fifth with $20.4 billion (6.25%) in 131 offices, and fifth in Hampton Roads with 13 offices at June 30, 2025; Richmond is TowneBank's fourth-largest market by deposits.[3][2][1] |
| Commercial banking in Virginia and the Carolinas | First Citizens BancShares | Bank | Raleigh-based First Citizens is third in North Carolina with $85.35 billion of deposits (11.75%) in 200 offices at June 30, 2025; Raleigh and Charlotte are TowneBank's two largest North Carolina markets.[4][1] |
| Commercial banking in Virginia and the Carolinas | F.N.B. Corporation | Bank | F.N.B. ranks eighth in North Carolina with $8.91 billion in 93 offices (June 30, 2025) and plans almost 30 new branches in the Southeast and Mid-Atlantic over five years.[4][6] |
| Commercial banking in Virginia and the Carolinas | United Bankshares | Bank | Fairfax-headquartered United Bank is seventh in Virginia with $9.6 billion in 80 offices and holds $2.54 billion in 43 North Carolina offices (June 30, 2025); it opened a Charlotte SouthPark regional office in March 2024.[3][4][9] |
| Commercial banking in Virginia and the Carolinas | SouthState Bank | Bank | SouthState operates in Virginia and North Carolina and holds $2.18 billion in 20 North Carolina offices (June 30, 2025); its June 2026 deck ranks it #4 among regional banks in the Atlanta-Charlotte corridor.[10][4][11] |
| Commercial banking in Virginia and the Carolinas | Atlantic Union Bankshares | Bank | Atlantic Union is opening 10 North Carolina branches, seven in Raleigh and three in Wilmington, the first in July 2026, moving into TowneBank's second state.[5][12] |
| Retail deposits and everyday digital banking | Chime | Fintech | A fintech offering bank-like products of the kind TowneBank's 10-K describes; Chime's own 10-K claims a significant cost advantage over traditional banks, and it had 10.4 million active members at June 30, 2026.[1][13][7] |
| Retail deposits and everyday digital banking | Cash App (Block) | Fintech | TowneBank's 10-K names digital wallets and money transfer services among the nontraditional alternatives; Block's 2025 10-K lists banks among Cash App's competitors in peer-to-peer payments and debit cards.[1][8] |
| Retail deposits and everyday digital banking | Credit unions in Hampton Roads and North Carolina | Credit union | TowneBank's 10-K names credit unions among its competitors and says non-bank institutions not subject to the same restrictions can operate with greater flexibility and lower costs.[1] |
| Small business banking and merchant services | Bank of America | Bank | Bank of America calls itself the number one small business lender in the US, citing FDIC data, and serves 4 million small businesses; it is the largest deposit holder in North Carolina with 45.88% (June 30, 2025).[14][4] |
| Small business banking and merchant services | Square (Block) | Payments company | Block's 10-K lists banks that provide payment processing, checking, savings, loans and payroll among Square's competitors; TowneBank sells treasury services and Same Day ACH to businesses on Towne24.[8][15] |
How do the AI and digital offerings of TowneBank's competitors compare?
TowneBank first, then each competitor. Use-case counts, index scores and latest moves are computed from our profiles of each company; "No profile" means this site has no page on it yet.
| Company | AI or digital offering | On the record (our profiles) | Latest dated AI move |
|---|---|---|---|
| TowneBank (this page) | Technology organisation under CIO Varun Chandhok; Talkdesk contact centre, SAS analytics and Microsoft Copilot[16][17][18][19][20][21][22][1][23] | Index 38.8 (#74); 12 use cases, 9 in production | blueharbor bank acquisition announced (Oct 6, 2026)[24][25] |
| Truist | Truist Assist chatbot: 12.5 million+ requests from 2023 to March 2026[26] | Index 82.6 (#16); 15 use cases, 13 in production | Mid-table on AI-judged reputation (Sep 18, 2026)[27] |
| Wells Fargo | Fargo virtual assistant: more than 1 billion interactions in under three years (March 2026)[28] | Index 88.8 (#7); 16 use cases, 13 in production | Q3 2026 call: AI agents in code, marketing, cyber, underwriting (Oct 13, 2026)[29][30] |
| Bank of America | Erica virtual assistant: more than 24.6 million clients helped[14] | Index 97.3 (#1); 18 use cases, 16 in production | Treasury, FinCEN and OCC impose $1.21 billion in AML and sanctions penalties (Oct 13, 2026)[31][32][33] |
| Capital One | Eno assistant in the app, by text and email, answering account questions and flagging unusual charges[34] | Index 86.9 (#9); 13 use cases, 13 in production | Second on the Evident AI index for a fourth year (Oct 6, 2026)[35][36] |
| Atlantic Union Bankshares | Planned AI screening of all call-centre recordings; Socure machine-learning identity verification[37][38] | Index 53.7 (#52); 12 use cases, 5 in production | Second-quarter 10-Q repeats the AI risk language (Aug 6, 2026)[39] |
| First Citizens BancShares | An enterprise AI program being built, not bought[40][41][42] | Index 67.7 (#39); 14 use cases, 12 in production | First Citizens Innovation Banking launched; SVB name retired (Oct 6, 2026)[43] |
| F.N.B. Corporation | eStore and the Common app with AI-driven insights for business loans (March 2026)[44] | Index 60.2 (#47); 15 use cases, 9 in production | 16th for customer reputation (Aug 17, 2026)[45] |
| United Bankshares | Not disclosed | Index 2 (#116); 8 use cases, 5 in production | Florida expansion announced (Oct 8, 2026)[46] |
| SouthState Bank | 2,500+ premium Copilot users and a GenAI Knowledge Assistant (June 30, 2026)[11] | Index 70.9 (#33); 20 use cases, 10 in production | Q3 2026 results scheduled (Oct 2, 2026)[47] |
| Chime | Jade, an in-app AI financial partner available to some members[48] | 8 use cases, 6 in production | Agreement to acquire Stride Bank (Sep 8, 2026)[49] |
| Cash App (Block) | Moneybot consumer agent: over 1 million weekly engaged accounts (June 30, 2026)[50] | 7 use cases, 6 in production | Q2 2026: Moneybot passes 1 million weekly engaged accounts (Aug 5, 2026)[50] |
| Credit unions in Hampton Roads and North Carolina | Not disclosed | No profile | Not disclosed |
| Square (Block) | Managerbot, an AI business agent for Square sellers[51] | 7 use cases, 6 in production | Q2 2026: Moneybot passes 1 million weekly engaged accounts (Aug 5, 2026)[50] |
Who should look beyond TowneBank, and where?
| If you are | Look at | Why |
|---|---|---|
| Customers who want an AI virtual assistant in the banking app | Bank of America (Erica), Wells Fargo (Fargo), Truist (Truist Assist) or Capital One (Eno) | TowneBank's AI runs in its contact centre and analytics; it has disclosed no customer-facing assistant in Towne24. Erica helps more than 24.6 million clients and Fargo passed 1 billion interactions in March 2026; all four of these banks hold more Virginia deposits than TowneBank.[18][15][14][28][26][34][3] |
| People who need branches outside Virginia and North Carolina | JPMorgan Chase, Bank of America or Truist | TowneBank's deposits are 74.15% in Virginia and 23.07% in North Carolina (December 31, 2025). Chase reported 5,083 branches in 2025 and Bank of America 3,500 financial centers in more than 100 US markets.[1][52][14] |
| Customers who want a branchless, app-only account | Chime | TowneBank runs a 'Main Street' model with local presidents and boards in each banking group. Chime avoids branches, had 10.4 million active members at June 30, 2026, and offers some members Jade, an in-app AI financial partner.[1][7][48] |
| Businesses that want one digital application across many products | F.N.B. (eStore) | F.N.B.'s eStore and Common app open more than 50 consumer and business products from one application and added business loans with AI-driven insights in March 2026; F.N.B. holds $8.91 billion of North Carolina deposits. TowneBank's business platform is Towne24 for Business with treasury services.[44][4][53] |
| Sellers who want card acceptance and point-of-sale software from one provider | Square (Block) | Block's 10-K positions Square as an ecosystem competing with banks that provide payment processing, checking, savings, loans and payroll, and Square sellers can use Managerbot, an AI agent. TowneBank's 10-K names digital wallets and money transfer services among the alternatives customers now choose from.[8][51][1] |
Where does TowneBank rank by deposits in Hampton Roads?
Branch deposits in the Virginia Beach-Chesapeake-Norfolk metropolitan area at June 30, 2025, from the FDIC's Summary of Deposits, summed by bank. Old Point National Bank, which TowneBank has since acquired, is shown separately.
| Rank | Bank | Deposits | Share | Offices |
|---|---|---|---|---|
| 1 | TowneBank | $9.52 billion | 31.73% | 31[2] |
| 2 | Truist | $5.13 billion | 17.09% | 38[2] |
| 3 | Wells Fargo | $4.80 billion | 15.99% | 29[2] |
| 4 | Bank of America | $4.08 billion | 13.61% | 21[2] |
| 5 | Atlantic Union | $1.29 billion | 4.29% | 13[2] |
| 6 | Old Point National Bank (acquired by TowneBank) | $1.21 billion | 4.03% | 14[2][54] |
| 9 | PNC | $0.69 billion | 2.30% | 10[2] |
Who is bigger than TowneBank in Virginia and North Carolina?
Statewide branch deposits at June 30, 2025 (FDIC Summary of Deposits). Capital One's Virginia figure includes deposits gathered nationally and booked in the state.
| State | Rank | Bank | Deposits | Share |
|---|---|---|---|---|
| Virginia | 1 | Capital One | $62.7 billion | 19.19%[3] |
| Virginia | 2 | Bank of America | $55.6 billion | 17.00%[3] |
| Virginia | 3 | Truist | $48.8 billion | 14.92%[3] |
| Virginia | 5 | Atlantic Union | $20.4 billion | 6.25%[3] |
| Virginia | 6 | TowneBank | $11.5 billion | 3.53%[3] |
| North Carolina | 1 | Bank of America | $333.24 billion | 45.88%[4] |
| North Carolina | 3 | First Citizens | $85.35 billion | 11.75%[4] |
| North Carolina | 13 | TowneBank | $3.93 billion | 0.54%[4] |
Which banks are expanding into TowneBank's markets?
Dated expansion moves by regional banks in Virginia and North Carolina, from their own filings and trade press.
| Bank | Move | Where | When |
|---|---|---|---|
| Atlantic Union | 10 new branches | North Carolina: seven in Raleigh, three in Wilmington | First opened July 2026[5][12] |
| F.N.B. | Almost 30 new branches over five years | Southeast and Mid-Atlantic | Announced September 2025[6] |
| United Bankshares | Charlotte SouthPark regional office | North Carolina | March 2024[9] |
| TowneBank | Dogwood State Bank acquired ($476 million in stock); blueharbor bank agreed (about $154 million) | North Carolina | January 2026; October 2026[55][56][24] |
Who are TowneBank's biggest competitors?
In Hampton Roads, where TowneBank holds 31.73% of branch deposits, Truist, Wells Fargo and Bank of America (June 30, 2025). Statewide in Virginia, Capital One, Bank of America, Truist, Wells Fargo and Atlantic Union are larger. In North Carolina, Bank of America, Truist and First Citizens lead. TowneBank's 10-K also names credit unions and fintech companies.[2][3][4][1]
Is Atlantic Union a competitor of TowneBank?
Yes. Both are Virginia-based: Atlantic Union holds $20.4 billion of Virginia deposits (6.25%) against TowneBank's $11.5 billion (3.53%), and it is fifth in Hampton Roads (June 30, 2025). It is also opening 10 North Carolina branches in Raleigh and Wilmington. On AI, Atlantic Union scores 53.7 on this site's index and TowneBank 38.8.[3][2][5]
Is TowneBank the largest bank in Hampton Roads?
By branch deposits, yes. FDIC Summary of Deposits data for June 30, 2025 show TowneBank with $9.52 billion, 31.73% of the Virginia Beach-Chesapeake-Norfolk metro area, ahead of Truist (17.09%), Wells Fargo (15.99%) and Bank of America (13.61%). Old Point, sixth with 4.03%, has since become part of TowneBank.[2][54]
Is Chime a competitor of TowneBank?
By category, yes: TowneBank's 10-K says fintech companies offer bank or bank-like products and that customers can choose nontraditional alternatives such as digital wallets and money transfer services. Chime's own 10-K says its digital model gives it a cost advantage over traditional banks; it had 10.4 million active members in June 2026.[1][13][7]
Who competes with TowneBank in North Carolina?
Bank of America (45.88% of North Carolina branch deposits), Truist (17.25%) and First Citizens (11.75%) lead the state; F.N.B., United Bank, SouthState and United Community are regional rivals with North Carolina offices (June 30, 2025). TowneBank ranked 13th with 0.54% before adding Dogwood State Bank and agreeing to buy blueharbor bank.[4][56][24]
What are alternatives to TowneBank for small business banking?
Bank of America says it is the number one US small business lender (FDIC data), serving 4 million small businesses; F.N.B.'s eStore opens more than 50 products, including business loans, from one application; and Square sells payments and point-of-sale software to sellers. TowneBank offers treasury services and Same Day ACH through Towne24 for Business.[14][44][8][15]
How does TowneBank compete with larger banks?
Its 10-K says it competes as a locally owned and managed company offering personal, customized service as the industry consolidates into larger national institutions. It runs a 'Main Street' model in which each banking group has its own president, commercial lenders and local board, and it diversifies revenue through mortgage and insurance segments.[1]
Does TowneBank compete with Capital One?
In Virginia deposits, yes: Capital One, headquartered in the state, books the most Virginia deposits, $62.7 billion or 19.19% at June 30, 2025, though in only 21 offices and including deposits gathered nationally. TowneBank's model is branch-based, with 31 offices in Hampton Roads alone. Capital One offers the Eno assistant in its app.[3][2][34]
Who is buying banks in TowneBank's markets?
TowneBank itself is the most active buyer in its region: Village, Old Point and Dogwood State Bank completed between April 2025 and January 2026, and blueharbor bank, a $628 million-asset North Carolina bank, agreed in October 2026. Banking Dive reported that the blueharbor deal shrinks the pool of North Carolina bank targets.[1][56][24][25]
Is Truist a competitor of TowneBank?
Yes, in both states. Truist was second in the Virginia Beach-Chesapeake-Norfolk metro with 17.09% of branch deposits, third in Virginia with 14.92% and second in North Carolina with 17.25% at June 30, 2025. Its Truist Assist chatbot logged 12.5 million+ requests from 2023 to March 2026.[2][3][4][26]
- TowneBank Annual Report on Form 10-K for the fiscal year ended December 31, 2025
- Summary of Deposits: branch deposits in the Virginia Beach-Chesapeake-Norfolk metropolitan area (CBSA 47260), June 30, 2025 (BankFind API query)
- Summary of Deposits: branch deposits in Virginia, June 30, 2025 (BankFind API query, all institutions)
- Summary of Deposits: branch deposits in North Carolina, June 30, 2025 (BankFind API query, all institutions)
- Atlantic Union plans more branches to speed Carolinas growth
- FNB Corp. is the latest bank to plot growth in the Southeast
- Chime Reports Second Quarter 2026 Financial Results
- Block, Inc. Annual Report 2025 (Form 10-K)
- United Bank Receives National Recognition as a Best Company to Work for and Best-in-State Bank for 2025
- SouthState Bank Corporation Annual Report on Form 10-K for the fiscal year ended December 31, 2025
- SouthState second-quarter 2026 earnings presentation (Form 8-K, Exhibit 99.2)
- Earnings call transcript: Atlantic Union Bankshares tops Q2 2026 estimates
- Chime Financial, Inc. Annual Report on Form 10-K for the fiscal year ended December 31, 2025
- Bank of America Fast Facts (undated page, retrieved 2026-10-19)
- Towne24 (Old Point Online updated to Towne24)
- TowneBank Welcomes Varun Chandhok as Chief Information Officer
- Information superhighway: Denys Diaz
- TowneBank Customer Story
- Celebrating the CX Innovators winners shaping customer experience
- Talkdesk transforms the bank branch into an AI-powered advisory hub
- Banking on cloud: TowneBank primes for continued growth with SAS
- Bryan School Students Bring Fresh Perspective to TowneBank's AI Strategy
- How to Recognize AI Scams in 2026
- TowneBank deal shrinks pool of NC bank targets
- TowneBank Agrees to Acquire blueharbor bank for Approximately $154 Million
- Exhibit 99.3: First quarter 2026 earnings presentation (Form 8-K)
- People use AI to gauge banks' reputations, and its verdicts are harsh
- Wells Fargo Reaches Major Digital Milestones
- Wells Fargo Enhances Banking Capabilities Using AI and Digital Assets
- Wells Fargo Reports Third Quarter 2026 Net Income of $6.0 billion, or $1.87 per Diluted Share
- U.S. Treasury Announces Record Enforcement Actions Against Bank of America
- OCC Imposes $750 Million Assessment Against Bank of America for Deficient BSA/AML Compliance
- BofA fined $1.21 billion over AML
- Eno, your Capital One assistant
- JPMorganChase still tops AI ranking as big-bank lead widens
- Banks prioritize responsible AI, governance as use soars
- #31 Atlantic Union's CIO automated his way through a $14 billion merger
- Atlantic Union Bankshares Investor Day presentation, December 10, 2025 (Form 8-K, Exhibit 99.1)
- Atlantic Union Bankshares Form 10-Q for the quarter ended June 30, 2026
- Frontier AI Fact Sheet
- First Citizens Bank Corporate Profile 1Q26
- A Q&A With Scott Richardson: AI at First Citizens Bank
- First Citizens Bank Launches New Innovation Banking Brand
- F.N.B. Corporation Further Expands eStore Common Application Capabilities with Introduction of Business Loan Products
- Top Banks by Reputation 2026: Customers
- United Bankshares, Inc. Announces Florida Expansion
- SouthState Bank Corporation Form 8-K: third-quarter 2026 earnings date
- What is Jade Financial Partner? (help centre, retrieved 2026-09-23)
- Chime Announces Agreement to Acquire Stride Bank
- Q2 2026 Shareholder Letter (Exhibit 99.1 to Form 8-K)
- Square Brings Managerbot to More Sellers, Giving Main Street an Intelligent Business Agent
- JPMorgan Chase & Co. Annual Report on Form 10-K for the year ended December 31, 2025
- Dogwood: Business Online Banking & Treasury Services Transition Guide (Welcome to Towne24 for Business)
- Welcome Old Point National Bank Members
- Virginia's TowneBank strikes deal to deepen N.C. footprint
- TowneBank Announces Completion of Dogwood State Bank Merger
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