Eastern Virginia Bankshares, Inc. (the “Company”) (NASDAQ: EVBS) and its banking subsidiary, EVB (the “Bank”) announced today that they have entered into a written agreement (the “Agreement”) with the Federal Reserve Bank of Richmond and the Virginia State Corporation Commission Bureau of Financial Institutions (together, the “Regulatory Agencies”). The purpose of the Agreement is to formally document the common goal of the Company, the Bank and the Regulatory Agencies to maintain the financial soundness of the Company and the Bank. Under the terms of the Agreement, the Company and the Bank have committed to take certain steps to strengthen the Company’s and the Bank’s financial condition. These steps will primarily focus on improving the supervision and internal controls over credit risk management practices, the quality of the loan and asset portfolios, and the Company’s and the Bank’s capital, liquidity and earnings.
“This Agreement, as we announced earlier this month, gives us the opportunity to work closely with the regulatory agencies to address the Company’s and the Bank’s challenges and improve our financial performance. We are pleased with the continued support of the regulatory agencies and look forward to the successful results of our actions. The Board and the Management Team are fully committed to resolving these issues and returning the Company to profitability,” said Randy Cook, Chairman of the Board of Directors.
President and CEO Joe Shearin commented, “This is an important day for our company. This Agreement contains many of the steps we initiated during the last several quarters to address our deteriorating asset quality and associated challenges brought on during the economic recession. This Agreement addresses improving oversight and administration of the Bank’s operations, including improving credit risk management processes, lending and credit administration processes, the quality of the loan and asset portfolios and processes used to manage the quality of these portfolios, and the balance of and processes related to loan loss reserves. Despite the aggressive steps we have already taken to substantially increase our loan loss reserves and improve asset quality, we remain well capitalized under all regulatory measurements. ”
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV