CHESAPEAKE, Va., Nov. 10, 2010 /PRNewswire/ -- Monarch Bank, a subsidiary of Monarch Financial Holdings, Inc. (Nasdaq: MNRK), today announced that the company was named to the "The Roaring 20" list, a compilation of the twenty fastest-growing companies in Hampton Roads, Virginia.
In its inaugural year, "The Roaring 20" award honors Hampton Road's most dynamic businesses based on revenue and employee growth. The award recognizes the region's fastest growing companies that are making significant contributions to the local economy, including creating much needed jobs.
"To be to chosen as a 'Roaring 20' winner for being a top growth company in Hampton Roads is a great honor. It was extra special for a bank to win due to the tough economy of the past several years," stated Brad E. Schwartz, chief executive officer of Monarch Bank.
Cherry, Bekaert & Holland LLP, weekly business journal Inside Business, along with an independent panel of judges of local business leaders and university business faculty chose twenty finalists based upon both dollar growth and percentage rate of growth over the company's three most recent completed fiscal years. Other judging criteria included critical factors that resulted in company growth, challenges/obstacle overcome and future outlook of long-term sustainability.About Monarch Bank Monarch Financial Holdings, Inc. is the one-bank holding company for Monarch Bank. Monarch Bank is a community bank with nine banking offices in Chesapeake, Virginia Beach, and Norfolk, Virginia. OBX Bank, a division of Monarch Bank, operates offices in Kitty Hawk and Nags Head, North Carolina. Monarch Mortgage and our affiliated mortgage companies have over twenty offices with locations in Virginia, North Carolina, Maryland, and South Carolina. Our subsidiaries/ divisions include Monarch Mortgage (secondary mortgage origination), Coastal Home Mortgage, LLC (secondary mortgage origination), Regional Home Mortgage, LLC (secondary mortgage origination), Monarch Home Funding, LLC (secondary mortgage origination), Monarch Investments (investment and insurance solutions), Real Estate Security Agency, LLC (title agency) and Monarch Capital, LLC (commercial mortgage brokerage). The shares of common stock of Monarch Financial Holdings, Inc. are publicly traded on the NASDAQ Capital Market under the symbol "MNRK", and shares of our convertible preferred stock are publicly traded on the NASDAQ Capital Market under the symbol "MNRKP". SOURCE Monarch Bank