MIDLOTHIAN, Va., Oct. 1, 2010 (GLOBE NEWSWIRE) -- Bank of Virginia (Nasdaq:BOVA) today announced that it expects to incur write-offs and increases to reserves for loan losses in the third quarter of 2010. The Bank plans to release third quarter operating results in early November. At this time, the Bank estimates that the third quarter loan loss provision, which includes both write-offs and increases to credit reserves, will be between $4.5 million and $5.5 million. This provision reflects a continued deterioration in the credit ratings of certain loans in the portfolio. Frank Bell, President & CEO, commented that, "In light of the continued economic uncertainty, the Bank is taking a pro-active stance with regards to credit risk management. Although the majority of our classified loans have performed as agreed, it is prudent for us to recognize the economic stress some of our borrowers are facing and provision accordingly."
Bank Of Virginia Expects Additional Write-Offs And Increased Loan Loss Reserves, Signs Amended Stock Purchase Agreement With Cordia Bancorp And Appoints New Chief Financial Officer
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