Eastern Virginia Bankshares, Inc. Announces Termination of Memorandum of
TAPPAHANNOCK, Va., March 26, 2014
TAPPAHANNOCK, Va., March 26, 2014 /PRNewswire/ --Eastern Virginia Bankshares,
Inc. (NASDAQ: EVBS) (the "Company") announced today the termination of the
informal memorandum of understanding, dated September 5, 2013 (the "MOU"), by
and among the Company, EVB (the Company's wholly-owned bank subsidiary), the
Federal Reserve Bank of Richmond (the "Reserve Bank") and the Virginia State
Corporation Commission Bureau of Financial Institutions (the "Bureau"). The
termination was effective as of March 13, 2014.
In announcing the news, Joe A. Shearin, President and Chief Executive Officer,
commented, "The lifting of the MOU is the culmination of our hard work and
execution of strategic initiatives over the last three years to improve asset
quality, increase earnings, and strengthen the overall condition of the
Company and EVB. We are pleased that our regulators have again acknowledged
the significant improvement in our financial condition and operating results
and thank them for their continued support and partnership." Shearin
concluded, "I also wish to thank each of our talented and dedicated employees
who contributed to this achievement and to the future success of our
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. 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.
Eastern Virginia Bankshares, Inc. Contact: Adam Sothen
330 Hospital Road Chief Financial Officer
Tappahannock, VA 22560 Voice: (804) 443-8404
Fax: (804) 445-1047
SOURCE Eastern Virginia Bankshares, Inc.
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