Xenith Bankshares, Inc. operates as the bank holding company for Xenith Bank. The bank is a full-service, locally-managed commercial bank specifically targeting the banking needs of middle market and small businesses, local real estate developers and investors, private banking clients and select retail banking clients, which the company refers to as its target customers. The company is focused geographically on the Greater Washington, DC, Richmond, Virginia, and the Greater Hampton Roads, Virginia metropolitan statistical areas. The company conducts its principal banking activities through its six branches, with one branch located in Tysons Corner, Virginia; two branches located in Richmond, Virginia; and three branches located in Suffolk, Virginia. The company offers a range of checking, savings and treasury products, including remote deposit capture, automated clearing house transactions, debit cards, 24-hour ATM access, and Internet banking and bill pay service. Deposits and Treasury Management Services The company’s product offerings include retail and commercial on-line banking (on-line capabilities include images, statements, stop payment, deposit reporting, account transfers, account reconciliation, and EDI (electronic data interchange) reporting), ACH (automated clearing house), wire transfers (both domestic and international), ZBA (zero balance accounts), and sweeps. The company also offers fraud prevention tools, including debit block, check positive pay, and ACH positive pay. In addition to these services, the company offers remote deposit capture, direct deposit and merchant services. It also offers comprehensive Internet banking services. The company is a member of the START and PLUS automated teller (ATM) networks, which provide customers with access to ATMs worldwide. Lending Products The company offers a range of lending products to commercial and industrial, commercial real estate, private banking and select retail clients. Its loan types include commercial and industrial loans, real estate loans, including commercial income-producing real estate loans, construction and development loans, residential real estate loans and consumer loans. Commercial and Industrial Loans: The company’s commercial borrowers are primarily small to middle market businesses engaged in various businesses. Commercial and industrial loans can be a source of working capital, used to finance the purchase of equipment or to complete an acquisition. The company also makes owner-occupied real estate (OORE) loans. OORE loans are secured in part by the value of real estate that is the offices or production facilities of the borrower. Real Estate Loans: The company makes commercial real estate loans, construction and land development loans, and residential real estate loans. It offers commercial real estate (CRE) loans on income-producing properties. The primary collateral for CRE loans is a first lien mortgage on multi-family, office, warehouse, hotel or retail property, plus assignments of all leases related to the property. The company also makes construction and land development loans generally to builders and developers who are located in its target markets. Its lending activities include the origination of first and second lien loans, including home equity line of credit loans, secured by residential real estate that is located primarily in its target markets offered to select customers. Consumer Loans: Consumer loans include home equity lines secured by borrower’s primary residence in its target markets and loans to its branch customers and private banking clients for consumer or business purposes. Mortgage Warehouse Loans: During 2012, the company began participating in a nationwide warehouse lending program with a commercial bank by entering into a sub-participation agreement with the participating bank. Investment Portfolio The company’s investment portfolio includes mortgage-backed securities, municipal securities, collateralized mortgage obligations, and trust preferred securities. Regulation The bank is a Virginia state-chartered member bank regulated by the Federal Reserve System (Federal Reserve), and the Bureau of Financial Institutions of the Virginia State Corporation Commission (the Bureau of Financial Institutions). The bank’s deposits are insured by the Federal Deposit Insurance Corporation (FDIC) to the maximum amount permitted by law. The company and the bank are required by the Federal Reserve and the Bureau of Financial Institutions to file semi-annual and quarterly financial reports, respectively, on their respective financial condition and performance. In addition, the Federal Reserve and the Bureau of Financial Institutions conduct periodic onsite examinations of the bank.
xenith bankshares inc (XBKS:NASDAQ CM)
One James Center
901 East Cary Street
Richmond, VA 23219
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