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Counting on the Core
Portsmouth, Virginia-based TowneBank has more than doubled in size since 2015, the result of three acquisitions and an 8% to 10% annual organic growth rate, according to Chief Operating Officer Brad Schwartz. Now the $11.9 billion asset bank is in the middle of a core conversion with its current provider, Fidelity National Information Services (FIS), to position itself for continued growth. “[It’s] not that exciting or sexy; it’s like maintenance. We just felt like we had to do that to support future growth beyond the past growth we’ve had,” Schwartz says. TowneBank’s core conversion, which Schwartz expects to complete in…
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