VIRGINIA BEACH, Va., March 27, 2013 (GLOBE NEWSWIRE) -- Hampton Roads Bankshares, Inc. (Nasdaq:HMPR) (the "Company"), the holding company for The Bank of Hampton Roads and Shore Bank, announced today the consolidation of seven The Bank of Hampton Roads and Shore Bank branch locations into nearby branches. These branch consolidations are one component of the Company's long term strategic plan, known as "One Bank", which forms the blueprint for the Company's future success. The strategic framework of "One Bank" provides for the optimal combination of branches and online/mobile banking technologies, supported by highly experienced bankers, to offer customers convenience and high service levels while maintaining an efficient, competitive cost structure. After consolidation, the Company will continue to operate 33 full service strategic branch locations along with a full suite of the latest technologies including online, mobile and remote banking products and services. The Company continues to invest in its electronic banking technologies, most recently announcing the roll out of its mobile banking platform as a complement to its branch network, online banking and remote deposit capture capabilities.
Douglas J. Glenn, the Company's President and Chief Executive Officer, said, "We continue to drive our strategy to best serve our customers' evolving banking needs and expectations, with investments in online and mobile banking to complement our branch network, along with the addition of talented bankers and continued efforts to enhance our operating efficiency. Our goal is to deliver the right mix of full-service branch locations and online and mobile banking capabilities, supported by the best bankers, to allow our customers to bank with us when, where and how they choose."
As a result of these consolidations, the Company expects to achieve significant operating expense savings, which the Company believes will begin to be realized in the third quarter of 2013. The Company expects to record a charge in the first quarter of 2013 reflecting expenses related to these branch consolidations.