CHESAPEAKE, Va., June 10, 2011 /PRNewswire/ -- Monarch Bank, a subsidiary of Monarch Financial Holdings, Inc. (NASDAQ: MNRK), is extremely pleased to announce Valkyrie Enterprises LLC as the winner of the 2011 "Top Flight" award.
Monarch's inaugural contest received 95 applications, which were narrowed down to 3 semifinalists, Mymic, Osage of Virginia, and Valkyrie. The semifinalists were chosen by an independent panel of judges based upon a formula that took into account: growth in both revenue and full-time staff employed over the company's three most recent completed fiscal years, descriptive narrative on how the prize package will be implemented; and community service.
A community vote by online poll or text by phone determined the one final winner. As the winner of the "Top Flight" award, Valkyrie Enterprises received a prize package valued at $40,000. The award included $10,000 cash from Monarch Bank, a professional business service package valued at $10,000 from accounting, tax, and advisory firm Cherry, Bekaret & Holland, L.L.P.; a professional business communications package valued at $10,000 from Cox Business; and an advertising package, including the creation of a 30-second commercial and cable air-time, valued at $10,000 from Cox Cable Media.
Founded in 2007, Valkyrie Enterprises is a Virginia Beach defense contractor that services the Department of the Navy and other Department of Defense clients. Led by President and CEO Gary Lisota, the company has grown from 36 employees at the end of 2007 to nearly 130 today. Valkyrie plans for more growth by implementing a campaign to fill 20 job openings, which will enhance our Hampton Roads community though its work with local, regional and national clients.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. Services are also provided through over fifty ATMs located in the South Hampton Roads area and the Outer Banks of North Carolina, and "Monarch Online" consumer and business internet banking (monarchbank.com). 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 Bank, OBX Bank, 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), and Real Estate Security Agency, LLC (title agency). 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 "MNRKP" symbol. SOURCE Monarch Bank