Hampton Roads Bankshares and Bank of Hampton Roads Announce Regulators Lift Written Agreement
26 February 2014 - 3:20AM
-Federal Reserve Bank of Richmond and Virginia
Bureau of Financial Institutions Terminate Written Agreement
-Written Agreement Lifted Due to Company's
Continued Strong Progress
Hampton Roads Bankshares, Inc. (Nasdaq:HMPR) (the "Company"), the
holding company for The Bank of Hampton Roads ("BHR"), today
announced that the Federal Reserve Bank of Richmond ("FRB") and the
Virginia Bureau of Financial Institutions ("BFI") terminated the
regulatory written agreement ("Written Agreement") entered into on
June 9, 2010, among the Company, BHR, FRB and the BFI. The Company
and BHR are no longer subject to the terms and conditions of the
Written Agreement.
Douglas J. Glenn, President and Chief Executive Officer of the
Company and Chief Executive Officer of BHR, said, "We are proud of
the significant improvements in our financial condition and
operations, and today's announcement by our regulators confirms our
continued progress. We are grateful to our entire team at Hampton
Roads Bankshares, The Bank of Hampton Roads, and Shore Bank for
their hard work during this time. We are now a much stronger
company, and we believe we are well-positioned to move forward and
grow in the
future."
Caution About Forward-Looking Statements
Certain statements made in this press release may constitute
"forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of
1995. Forward-looking statements are statements that
include projections, predictions, expectations, or beliefs about
events or results or otherwise are not statements of historical
facts, including statements about future trends and the Company's
positioning and potential for growth. Although the Company
believes that its expectations with respect to such forward-looking
statements are based upon reasonable assumptions within the bounds
of its existing knowledge of its business and operations, there can
be no assurance that actual results, performance or achievements of
the Company will not differ materially from those expressed or
implied by such forward-looking statements. Factors that
could cause actual events or results to differ significantly from
those described in the forward-looking statements include, but are
not limited to those described in the cautionary language included
under the headings "Risk Factors" and "Management's Discussion and
Analysis of Financial Condition and Results of Operations" in the
Company's Annual Report on Form 10-K for the fiscal year ended
December 31, 2012, Quarterly Report on Form 10-Q for the quarter
ended September 30, 2013, and other filings made with the SEC.
About Hampton Roads Bankshares
Hampton Roads Bankshares, Inc. is a bank holding company that
was formed in 2001 and is headquartered in Virginia Beach,
Virginia. The Company's primary subsidiaries are The Bank of
Hampton Roads, which opened for business in 1987, and Shore Bank,
which opened in 1961 (the "Banks"). The Banks engage in general
community and commercial banking business, targeting the needs of
individuals and small to medium-sized businesses. Currently, The
Bank of Hampton Roads operates banking offices in Virginia and
North Carolina doing business as The Bank of Hampton Roads and
Gateway Bank & Trust Co. Shore Bank serves the Eastern Shore of
Virginia, eastern Maryland, and southern Delaware through seven
banking offices, ATMs, and loan production offices in West Ocean
City, Maryland and Rehoboth Beach, Delaware. Through various
affiliates, the Banks also offer mortgage banking services and
investment products. Shares of the Company's common stock are
traded on the NASDAQ Global Select Market under the symbol "HMPR."
Additional information about the Company and its subsidiaries can
be found at www.hamptonroadsbanksharesinc.com.
CONTACT: Douglas J. Glenn
President and Chief Executive Officer
(757) 217-1000
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