Xenith Bankshares, Inc. included in 2012 List of Top Performing Small-Cap
Banks and Thrifts in the U.S. by Sandler O'Neill + Partners, L.P.
RICHMOND, Va., Sept. 13, 2012
RICHMOND, Va., Sept. 13, 2012 /PRNewswire/ --Xenith Bankshares, Inc. (Nasdaq:
XBKS), the holding company for Xenith Bank, today announced that it is among
the 25 banks and thrifts that comprise the Sandler O'Neill Sm-All Stars –
Class of 2012. The objective of Sandler O'Neill's annual research is to
identify the top performing small-cap banks and thrifts in the nation.
Sandler O'Neill + Partners, L.P., is a full-service investment banking firm
dedicated to providing comprehensive, innovative advisory and transaction
execution services to the financial industry.
"We are delighted to be among the Sm-All Stars selected by the Sandler O'Neill
research," stated, T. Gaylon Layfield, III, President and Chief Executive
Officer."For a relatively young bank, this kind of recognition of our
progress is exciting for our shareholders, customers, and employees."
In developing its list of Sm-All Stars, Sandler O'Neill evaluated 461 publicly
traded banks with a market capitalization of less than $2 billion and placed a
$25 million minimum market capitalization cutoff to incorporate a liquidity
constraint. In announcing the Sm-All Stars, Sandler O'Neill's Director of
Research Mark Fitzgibbon and Associate Director Casey Orr stated that their
"screening methodology eliminated 95% of the institutions being evaluated and
the performance metrics of the remaining 25 institutions are exceptional with
the Class of 2012 delivering bottom line results that are markedly better than
the industry as a whole."
Companies were evaluated based on absolute performance in eight financial
variables: growth in EPS, loans and deposits, return on average equity,
nonperforming assets (excluding accruing Troubled Debt Restructurings) to
loans plus OREO ratio, net charge-off ratio, reserves to nonperforming assets
ratio and Tier 1 risk-based capital ratio. To earn Sm-All Star status, the
banks and thrifts needed to be at or above the peer median for the first seven
metrics surveyed, plus be considered "Well Capitalized" per the Tier 1
risk-based capital ratio.
Profile: Xenith Bankshares, Inc. is the holding company for Xenith Bank.
Xenith Bank is a full-service, locally-managed commercial bank, specifically
targeting the banking needs of middle market and small businesses, local real
estate developers and investors, private banking clients, and select retail
banking clients. As of June 30, 2012, the Company had total assets of $523.6
million and total deposits of $419.3 million. Xenith Bank's target markets
are the Washington, DC-MD-VA-WV, Richmond-Petersburg, VA, and the
Norfolk-Virginia Beach-Newport News, VA-NC metropolitan statistical areas.
The Company is headquartered in Richmond, Virginia and currently has six
branch locations in Tysons Corner, Richmond and Suffolk, Virginia. Xenith
Bankshares common stock trades on the NASDAQ Capital Market under the symbol
For more information about Xenith Bankshares and Xenith Bank, visit our
All statements other than statements of historical facts contained in this
press release are forward-looking statements. Forward-looking statements made
in this press release reflect beliefs, assumptions and expectations of future
events or results, taking into account the information currently available to
Xenith Bankshares, Inc. These beliefs, assumptions and expectations may
change as a result of many possible events, circumstances or factors, not all
of which are currently known to Xenith Bankshares. If a change occurs, Xenith
Bankshares' business, financial condition, liquidity, results of operations
and prospects may vary materially from those expressed in, or implied by, the
forward-looking statements. Accordingly, you should not place undue reliance
on these forward-looking statements. Factors that may cause actual results to
differ materially from those contemplated by these forward-looking statements
include the risks discussed in Xenith Bankshares' public filings with the
Securities and Exchange Commission, including those outlined in Part I, Item
1A, "Risk Factors" of Xenith Bankshares' Annual Report on Form 10-K for the
year ended December 31, 2011. Except as required by applicable law or
regulations, Xenith Bankshares does not undertake, and specifically disclaims
any obligation, to update or revise any forward-looking statement.
SOURCE Xenith Bankshares, Inc.
Contact: Thomas Osgood, +1-804-433-2209, email@example.com
Press spacebar to pause and continue. Press esc to stop.