Eastern Virginia Bankshares, Inc. operates as a bank holding company for EVB, a community bank that provides various personal and commercial banking services to individuals and small to medium-sized businesses and consumers in traditional coastal plain markets and the emerging suburbs outside of the Richmond, Tidewater, and southern Virginia areas. The company provides commercial, consumer and real estate loans. The company operates 24 full service branches and 2 drive-in facilities in eastern Virginia, and 1 loan production office in Chesterfield County, Virginia. The company offers a range of lending and credit services to customers, including mortgage, commercial and consumer loans. A substantial portion of the loan portfolio is represented by commercial and residential mortgage loans in the company’s market area. The bank owns EVB Financial Services, Inc., which in turn has a 100% ownership interest in EVB Investments, Inc. EVB Investments, Inc., a full-service brokerage firm offering a range of investment services. The bank owns a 4.9% ownership interest in Southern Trust Mortgage, LLC. Pursuant to an independent contractor agreement with Southern Trust Mortgage, LLC, the company advises and consults with Southern Trust Mortgage, LLC and facilitates the marketing and brand recognition of their mortgage business. In addition, the company provides Southern Trust Mortgage, LLC with offices at three retail branches in its market area and access to office equipment at these locations during normal business hours. For its services, the company receives fixed monthly compensation from Southern Trust Mortgage, LLC. The bank has a 2.87% ownership in Bankers Insurance, LLC, which primarily sells insurance products to customers of the bank, and other financial institutions that have an equity interest in the agency. The bank also has 100% ownership interests in Dunston Hall LLC, POS LLC, Tartan Holdings LLC and ECU-RE LLC, which were formed to hold the title to real estate acquired by the bank upon foreclosure on property of real estate secured loans. Investment Securities As of December 31, 2015, the company’s investment portfolio included obligations of U.S. government agencies; SBA pool securities; agency mortgage-backed securities; agency CMO securities; non agency CMO securities; state and political subdivisions; and corporate securities. Deposits The company’s deposit base, which is provided by individuals and businesses located within the communities served, consists of demand deposits, savings and money market accounts and time deposits. Regulations As a public company, the company is subject to the reporting requirements of the Securities Exchange Act of 1934, as amended (the Exchange Act). As a result, the company must file annual, quarterly, and other reports with the Securities and Exchange Commission (the SEC), and also comply with other laws and regulations of the SEC applicable to public companies. As a bank holding company, the company is also subject to the Bank Holding Company Act of 1956 and supervision and regulation by the Board of Governors of the Federal Reserve System (the Federal Reserve Board). The company also is subject to regulation and supervision by the Virginia State Corporation Commission Bureau of Financial Institutions (the Bureau). The bank, as a state-chartered member bank of the Federal Reserve System, is subject to regulation and examination by the Bureau and the Federal Reserve Board. In addition, the bank is subject to the rules and regulations of the Federal Deposit Insurance Corporation, which insures all of the bank’s deposits up to applicable limits of the Deposit Insurance Fund (DIF), and is subject to deposit insurance assessments to maintain the DIF. History Eastern Virginia Bankshares, Inc. was founded in 1910. The company was incorporated under the laws of the Commonwealth of Virginia in 1997.
eastern virginia bankshares
330 Hospital Road
Tappahannock, VA 22560
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