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Company Description

Contact Info

330 Hospital Road

Tappahannock, VA 22560

United States

Phone: 804-443-8400

Fax: 804-445-1047

Eastern Virginia Bankshares, Inc. operates as the bank holding company for EVB that offers community banking services. The company operates 22 full service branches and 2 drive-in facilities in eastern Virginia. Geographically, the company has four primary market areas: Northern Neck, Middle Peninsula, Capital (suburbs of Richmond) and Southern. The company targets small to medium-sized businesses and consumers in its traditional coastal plain markets and the emerging suburbs outside of the Richmond and Greater Tidewater areas. The bank owns EVB Financial Services, Inc., which in turn has a 100% ownership interest in EVB Investments, Inc., a full-service brokerage firm offering a comprehensive range of investment services. The bank has a 75% ownership interest in EVB Title, LLC, which primarily sells title insurance to the mortgage loan customers of the bank and EVB Mortgage, LLC. The bank has a 2.33% ownership in Bankers Insurance, LLC, which primarily sells insurance products to customers of the bank, and other financial institutions that has an equity interest in the agency. The bank also has a 100% ownership interest in Dunston Hall LLC, POS LLC, Tartan Holdings LLC, and ECU-RE LLC, which were formed to hold the title to real estate acquired by the bank upon foreclosure on property of real estate secured loans. Loans The company provides a range of personal and commercial banking services, including commercial, consumer and real estate loans. It primarily offers a range of lending and credit services to customers, including mortgage, commercial and consumer loans. A substantial portion of the loan portfolio is represented by mortgage loans in the company’s market area. Investment Securities As of December 31, 2012, the company’s investment portfolio included obligations of U.S. government agencies; SBA pool securities; agency mortgage-backed securities; agency CMO securities; non agency CMO securities; state and political subdivisions; pooled trust preferred securities; FNMA and FHLMC preferred stock; and corporate securities. Deposits The company’s predominant source of funds is depository accounts. The company’s deposit base, which is provided by individuals and businesses located within the communities served, consist of demand deposits, savings and money market accounts, and time deposits. Regulation and Supervision As a public company, the company is subject to the reporting requirements of the Securities Exchange Act of 1934, as amended. As a result, the company must file annual, quarterly, current and other reports with the Securities and Exchange Commission (the SEC), and also comply with other laws and regulations of the SEC applicable to public companies. As a bank holding company, the company is also subject to regulation by the Board of Governors of the Federal Reserve System (the Federal Reserve Board). The company also is subject to regulation and supervision by the Virginia State Corporation Commission Bureau of Financial Institutions. The bank, as a state-chartered member bank of the Federal Reserve System, is subject to regulation and examination by the Virginia State Corporation Commission Bureau of Financial Institutions and the Federal Reserve Board. The bank is subject to the rules and regulations of the Federal Deposit Insurance Corporation, which insures substantially all of the bank’s deposits up to applicable limits of the Deposit Insurance Fund, and is subject to deposit insurance assessments to maintain the Deposit Insurance Fund. The bank’s deposits are insured by the Deposit Insurance Fund of the Federal Deposit Insurance Corporation up to the standard maximum insurance amount for each deposit ownership category. Significant Events In March 2014, the company announced the termination of the informal memorandum of understanding, dated September 5, 2013, by and among the Company, EVB (the Company's wholly-owned bank subsidiary), the Federal Reserve Bank of Richmond and the Virginia State Corporation Commission Bureau of Financial Institutions. History Eastern Virginia Bankshares, Inc. was founded in 1910.

 

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