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Eastern Virginia Bankshares Announces New Chief Financial Officer

Stocks in this article: EVBS

TAPPAHANNOCK, Va., Sept. 21, 2011 /PRNewswire/ --  Eastern Virginia Bankshares, Inc. (NASDAQ: EVBS) (the "Company") and its wholly-owned subsidiary EVB (the "Bank"), announced today that after receiving approval from federal and state banking authorities J. Adam Sothen has been appointed Chief Financial Officer and principal accounting officer of the Company and Executive Vice President and Chief Financial Officer of the Bank effective September 15, 2011.  Mr. Sothen will succeed Douglas C. Haskett, II who resigned effective August 31, 2011 to accept a senior level position with an organization located significantly closer to his residence.  

Mr. Sothen has served as Vice President and Corporate Controller since joining the Bank in June 2010, and will continue to serve as Corporate Controller.  From October 2004 to June 2010, Mr. Sothen served as Vice President and Controller for Bank of the Commonwealth in Norfolk, Virginia.  Mr. Sothen holds a Bachelor of Science degree in Accounting from Shepherd College in Shepherdstown, West Virginia.

Joe Shearin, President and Chief Executive Officer of the Company and Bank, stated, "We are pleased to have Mr. Sothen accept this role in our organization.  He has a very extensive accounting and banking background and has worked very closely with our recently departed chief financial officer over the last 15 months.  We are fortunate to have someone of his ability internally to step into this role and believe he will play a major role in our organization as we go forward."

Forward-Looking Statements

Certain statements contained in this release that are not historical facts may constitute "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended.  In addition, certain statements may be contained in the Company's future filings with the SEC, in press releases, and in oral and written statements made by or with the approval of the Company that are not statements of historical fact and constitute forward-looking statements within the meaning of the Act.  Examples of forward-looking statements include, but are not limited to: (i) projections of revenues, expenses, income or loss, earnings or loss per share, the payment or nonpayment of dividends, capital structure and other financial items; (ii) statements of plans, objectives and expectations of the Company or its management or Board of Directors, including those relating to products or services; (iii) statements of future economic performance; (iv) statements regarding the impact of the Written Agreement on our financial condition, operations and capital strategies; (v) statements of management's expectations regarding future trends in interest rates, real estate values, and economic conditions generally and in the Company's markets; and (vi) statements of assumptions underlying such statements.  Words such as "believes," "anticipates," "expects," "intends," "targeted," "continue," "remain," "will," "should," "may" and other similar expressions are intended to identify forward-looking statements but are not the exclusive means of identifying such statements.

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