Consumer banking

Eastern Virginia Bankshares Plans Partial Tarp Repayment

By Kristin Broughton May 22, 2014, 2:30 p.m. EDT 1 Min Read

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Treasury to Gain $66 Million from Tarp Auction

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Community banking

Eastern Virginia Bancshares Finishes $5M Offering

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.

By Chris Cumming

July 2

Eastern Virginia Bankshares (EVBS) of Tappahannock, Va., said Thursday that it intends to repay $15 million of its Troubled Asset Relief Program aid by late in the second quarter.

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.

Kristin Broughton

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Consumer banking

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