By Carol Hazard
Eastern Virginia Bankshares Inc., parent company of Eastern Virginia Bank, on Friday became the third bank in Richmond to be released from its written agreement with regulators.
The Tappahannock-based bank, along with five others, had been under written agreement to improve its financial condition with the Federal Reserve Bank of Richmond and the State Corporation Commission’s Bureau of Financial Institutions since February 2011.
“I could not be more proud regarding this significant milestone for our company,” Joe A. Shearin, president and CEO, said in a statement. “I thank each one of our employees and members of our board for their dedication, hard work and loyalty during this difficult period in our company’s history.”
He said the company can focus on returning to its history of strong profitability.