Eastern Virginia Bankshares, Inc. Announces Expiration and Oversubscription of $5.0 Million Rights Offering

Eastern Virginia Bankshares, Inc. Announces Expiration and Oversubscription of
                         $5.0 Million Rights Offering

PR Newswire

TAPPAHANNOCK, Va., July 1, 2013

TAPPAHANNOCK, Va., July1, 2013 /PRNewswire/ --Eastern Virginia Bankshares,
Inc. (NASDAQ: EVBS) (the "Company") announced today the expiration at 5:00
p.m., Eastern time, on June28, 2013 of the subscription period for its
previously announced $5.0 million rights offering. Preliminary results
indicate that the rights offering was oversubscribed and, as a result, the
Company expects to receive gross proceeds of approximately $5.0 million from
the offering. Following the issuance of the newly subscribed common shares,
which will occur as soon as practicable, the Company will have approximately
11.82 million total common shares outstanding. Any excess subscription
payments received by the subscription agent will be returned, without
interest, as soon as practicable.

Forward-Looking Statements and Additional Information

Certain statements contained in this release that are not historical facts may
constitute "forward-looking statements" within the meaning of Section 27A of
the Securities Act of 1933, as amended, and Section 21E of the Securities
Exchange Act of 1934, as amended. In addition, certain statements may be
contained in the Company's future filings with the Securities and Exchange
Commission, in press releases, and in oral and written statements made by or
with the approval of the Company that are not statements of historical fact
and constitute forward-looking statements within the meaning of such Acts.
Words such as "believes," "anticipates," "expects," "intends," "targeted,"
"continue," "remain," "will," "should," "may" and other similar expressions
are intended to identify forward-looking statements but are not the exclusive
means of identifying such statements.

Although the Company believes that its expectations with respect to the
forward-looking statements are based upon reliable assumptions and projections
within the bounds of its knowledge of its business and operations, there can
be no assurance that actual results, performance, actions or achievements of
the Company will not differ materially from any future results, performance,
actions or achievements expressed or implied by such forward-looking
statements. Readers should not place undue reliance on such statements, which
speak only as of the date of this press release. The Company does not
undertake any steps to update any forward-looking statement that may be made
from time to time by it or on its behalf.

This press release does not constitute an offer to sell or a solicitation of
an offer to buy any securities, nor shall there be any sale of securities in
any state or jurisdiction in which such an offer, solicitation or sale would
be unlawful prior to registration or qualification under the securities laws
of any such state or jurisdiction.

Contact: Adam Sothen
Chief Financial Officer
Voice: (804) 443-8404
Fax: (804) 445-1047

SOURCE Eastern Virginia Bankshares, Inc.
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