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The Treasury Department expects to receive roughly $66 million from a recent auction of stakes it owns in seven banks from the Troubled Asset Relief Program.
October 11 -
Eastern Virginia Bancshares (EVBS) has closed a $5 million rights offering. The offering followed a $45 million private placement announced in March, in which the company sold a 30% stake to institutional investors.
July 2
Eastern Virginia Bankshares (EVBS) of Tappahannock, Va.,
As part of the planned sale, the $1 billion-asset bank will pay $4.1 million in dividends to holders of the Series A preferred stock. It will also pay $1.1 million in deferred interest on trust-preferred securities.
"We are extremely pleased to be able to announce this plan to repay a substantial portion of our $24 million of Series A preferred stock," Joe A. Shearin, president and CEO, said in a press release. "This repayment will eliminate a high cost source of capital and improve our financial results for our common shareholders."
Eastern Virginia Bank operates 23 offices around Richmond and along the Virginia coast.
