Xenith Bankshares, Inc. Announces Retirement of Directors and New Nominee
RICHMOND, Va., March 21, 2013 (GLOBE NEWSWIRE) -- Xenith Bankshares, Inc.
(Nasdaq:XBKS), parent company of Xenith Bank, a business-focused bank serving
the Greater Washington D.C., Richmond, and Greater Hampton Roads, Virginia
markets, today announced that two members of its board of directors will not
stand for re-election, and that the board of directors has nominated a new
candidate for election to the board of directors, at the company's upcoming
annual meeting of shareholders scheduled for May 2, 2013.
James "Jim" E. Turner, Jr. and Brian D. Jones, both directors of the company
since 2009, will retire from the company's board effective at the expiration
of their current terms at the upcoming annual meeting. Turner is the former
President and CEO of General Dynamics Corp. Jones is a Principal and
Co-Founder of BankCap Partners, the company's largest shareholder. Turner and
Jones will also retire from Xenith Bank's board of directors.
"Jim has provided us with tremendous leadership and expertise from our
earliest days, having served since 2001 as a founding director of SuffolkFirst
Bank prior to our merger and continuing with us through the bank's growth and
transition as Xenith Bank," said T. Gaylon Layfield III, President and CEO.
"We greatly appreciate his dedication to our company. Brian and BankCap have
been excellent partners for Xenith, and Brian's guidance and support as a
director have been instrumental to Xenith's growth and success. We are pleased
that BankCap Principal and Co-Founder Scott Reed continues as a member of our
board and will stand for re-election at the annual meeting."
The company also announced that its board has nominated Thomas G. Snead, Jr.
for election to Xenith Bankshares' board of directors at the upcoming annual
meeting. Snead is the former President and Chief Executive Officer of
Wellpoint Inc., Southeast Region, previously served as President of Anthem
Southeast, a subsidiary of Anthem, Inc. and Chairman and Chief Executive
Officer of Trigon Healthcare, Inc., a managed healthcare company. Snead served
on the boardof LandAmerica Financial Group Inc., and currently serves on the
board of directors of CSA Medical, Inc., a medical device company, as well as
several community organizations, including the ChildFund International, the
Community Foundation and the Virginia Commonwealth University School of
Business School Foundation.
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 December 31, 2012, the company had total assets of $563.2
million and total deposits of $453.2 million. Xenith Bank's target markets are
the Greater Washington, DC, Richmond, VA, and Greater Hampton Roads, VA
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 "XBKS."
For more information about Xenith Bankshares and Xenith Bank, visit:
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, 2012. 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.
CONTACT: Thomas W. Osgood
Executive Vice President, Chief Financial Officer,
Chief Administrative Officer and Treasurer
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