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Xenith Bankshares, Inc. Announces Retirement Of Directors And New Nominee

RICHMOND, Va., March 21, 2013 (GLOBE NEWSWIRE) -- Xenith Bankshares, Inc. (Nasdaq:XBKS), parent company of Xenith Bank, a business-focused bank serving the Greater Washington D.C., Richmond, and Greater Hampton Roads, Virginia markets, today announced that two members of its board of directors will not stand for re-election, and that the board of directors has nominated a new candidate for election to the board of directors, at the company's upcoming annual meeting of shareholders scheduled for May 2, 2013.

James "Jim" E. Turner, Jr. and Brian D. Jones, both directors of the company since 2009, will retire from the company's board effective at the expiration of their current terms at the upcoming annual meeting. Turner is the former President and CEO of General Dynamics Corp. Jones is a Principal and Co-Founder of BankCap Partners, the company's largest shareholder. Turner and Jones will also retire from Xenith Bank's board of directors.

"Jim has provided us with tremendous leadership and expertise from our earliest days, having served since 2001 as a founding director of SuffolkFirst Bank prior to our merger and continuing with us through the bank's growth and transition as Xenith Bank," said T. Gaylon Layfield III, President and CEO. "We greatly appreciate his dedication to our company. Brian and BankCap have been excellent partners for Xenith, and Brian's guidance and support as a director have been instrumental to Xenith's growth and success. We are pleased that BankCap Principal and Co-Founder Scott Reed continues as a member of our board and will stand for re-election at the annual meeting."

The company also announced that its board has nominated Thomas G. Snead, Jr. for election to Xenith Bankshares' board of directors at the upcoming annual meeting. Snead is the former President and Chief Executive Officer of Wellpoint Inc., Southeast Region, previously served as President of Anthem Southeast, a subsidiary of Anthem, Inc. and Chairman and Chief Executive Officer of Trigon Healthcare, Inc., a managed healthcare company. Snead served on the board of LandAmerica Financial Group Inc., and currently serves on the board of directors of CSA Medical, Inc., a medical device company, as well as several community organizations, including the ChildFund International, the Community Foundation and the Virginia Commonwealth University School of Business School Foundation.

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