Businessweek

%0D%0A%0D%0AEastern%20Virginia%20Bankshares%20Inc.%20%28NasdaqGS%3AEVBS%29%20announced%20a%20private%20placement%20of%204%2C649%2C919%20common%20shares%20and%205%2C240%2C192%20new%20series%20of%20non-voting%20mandatorily%20convertible%20non-cumulative%20series%20B%20preferred%20shares%20at%20a%20price%20of%20%244.55%20per%20share%20each%20for%20gross%20proceeds%20of%20%2445%2C000%2C005.05%20on%20March%2026%2C%202013.%20The%20transaction%20will%20include%20participation%20from%20new%20investors%2C%20Castle%20Creek%20Capital%20Partners%20IV%2C%20LP%20a%20fund%20managed%20by%20Castle%20Creek%20Capital%20Partners%2C%20GCP%20III%20EVB%20LLC%20an%20affiliate%20of%20GCP%20Capital%20Partners%2C%20and%20certain%20other%20institutional%20investors.%20Castle%20Creek%20Capital%20Partners%20will%20participate%20in%20the%20transaction%20for%201%2C061%2C225%20common%20shares%20and%204%2C048%2C670%20series%20B%20preferred%20shares%20for%20gross%20proceeds%20of%20%2423%2C250%2C022.25%20and%20GCP%20Capital%20Partners%20will%20participate%20for%201%2C061%2C225%20common%20shares%20and%201%2C191%2C522%20series%20B%20preferred%20shares%20for%20gross%20proceeds%20of%20%2410%2C249%2C998.85.%20The%20company%20will%20issue%20securities%20pursuant%20to%20exemption%20provided%20under%20Regulation%20D.%20As%20part%20of%20the%20transaction%2C%20one%20representative%20of%20Castle%20Creek%20Capital%20Partners%20and%20GCP%20Capital%20Partners%20each%20will%20join%20the%20board%20of%20the%20company%20which%20currently%20has%2013%20directors.%20%0D%0A%0D%0AJacob%20A.%20Lutz%20of%20Troutman%20Sanders%20LLP%20will%20act%20as%20legal%20advisor%20to%20the%20company.%20Matthew%20M.%20Guest%20of%20Wachtell%2C%20Lipton%2C%20Rosen%20%26%20Katz%20will%20act%20as%20legal%20advisor%20to%20Castle%20Creek%20Capital%20partners.%20Frank%20M.%20Conner%20of%20DLA%20Piper%20US%20LLP%20will%20act%20as%20legal%20advisor%20to%20GCP%20Capital%20partners.%20Keefe%2C%20Bruyette%20%26%20Woods%2C%20Inc.%20will%20act%20as%20the%20exclusive%20placement%20agent%20to%20the%20company%20for%20the%20transaction.%20The%20company%20will%20pay%20approximately%20%242%2C700%2C000%20as%20compensation%20to%20the%20agent.%20The%20investors%20will%20not%20own%20more%20than%209.9%25%20stake%20in%20the%20company%20or%2033.3%25%20of%20its%20total%20equity%20outstanding%2C%20each%20as%20calculated%20under%20the%20applicable%20regulations%20of%20the%20board%20of%20Governors%20of%20the%20Federal%20Reserve%20System.%20The%20transaction%20is%20subject%20to%20shareholders%27%20approval%20and%20other%20conditions%20which%20the%20company%20presently%20expects%20to%20be%20satisfied%20in%20the%20second%20quarter%20of%202013.%20The%20company%20shall%20reimburse%20up%20to%20%24150%2C000%20of%20the%20reasonable%20and%20documented%20costs%20and%20expenses%20incurred%20by%20the%20investor%20in%20connection%20with%20the%20transaction.%20The%20company%20shall%20also%20reimburse%20the%20investor%20for%20the%20reasonable%20fees%20and%20disbursements%20of%20holders%u2019%20counsel%20in%20an%20amount%20not%20to%20exceed%20%2427%2C500%20per%20registration.%0D%0A%0D%0AOn%20April%208%2C%202013%2C%20the%20company%20announced%20that%20it%20will%20receive%20funding%20from%2018%20investors.