Eastern Virginia Bankshares, Inc. Announces Termination of Memorandum of Understanding

Eastern Virginia Bankshares, Inc. Announces Termination of Memorandum of Understanding

  • Posted: 03/26/2014
  • Castle Creek

TAPPAHANNOCK, Va.–(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 Company.”

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