Readers hoping to buy TowneBank ( NASDAQ:TOWN ) for its dividend will need to make their move shortly, as the stock is about to trade ex-dividend. The ex-dividend date is one business day before the record date, which is the cut-off date for shareholders to be present on the company's books to be eligible for a dividend payment. The ex-dividend date is important as the process of settlement involves two full business days. So if you miss that date, you would not show up on the company's books on the record date. Meaning, you will need to purchase TowneBank's shares before the 29th of June to receive the dividend, which will be paid on the 9th of July.